When mom was alive, she belonged to a lot of civic groups and they all they all had their little holiday parties. I would usually go with her. One time at the Grange party they had a grab bag. Mom put in a nice piece of vintage glassware and got back a roll of lifesavers. The lady that got my mom's contribution didn't seem pleased, either.
I too, have bad luck with grab bags. the first year at work, they had a grab bag. I put in a bottle of wine and got back an electric corn cob. At the senior party a few years ago, I got a teapot without a lid, so I don't participate in them anymore, even the family's. It used to be a $5 value, this year it's $10.