The Chiefs have been investing a lot of resources to try and find a #1 WR though, and they seem to have found one in Rashee Rice. Over his last 8 games he's averaging 87 YPG which would be 1,479 yards over a 17 game season. Those are Stefon Diggs in his prime numbers.
Using Khalil Shakir as a point of reference, even if I'm charitable and remove last year's Dallas game from the equation he is averaging 57 YPG over his last 8 games, which is 969 yards over a 17 game season.
It is a total myth that the Chiefs traded Tyreek Hill because they decided having a top WR is a waste of resources. They traded him for one simple reason - money. Their ownership has been subtly running a cheap operation over there, nothing like Pegula who has been writing blank checks that allow Beane to structure contracts in a way that kick the cap implications down the line. Under Chiefs ownership they had no means of keeping Tyreek Hill for the money he wanted. But the organization immediately started throwing ample draft picks at the position to try and find his replacement and those investments have finally paid off.