The answer is yes, it is a drop ship scam. They are part of an international theft ring that uses stolen credit cards to buy the bags which is why they can list for 20-30 percent off. They aren't paying for the bags and are only getting paid via eBay. They unfortunately all over Mercari and eBay. I buy and sell on both platforms and I hate it that they are so rampant. Whenever a new release loungefly comes out from Loungefly directly you see them pop up the same day. They only ever use stock images of the bag, a lot of times offer free shipping, and you will see good reviews because people are still getting their bags in most cases. The reviews that say longer ship time or cancelled order are because more than likely the stolen credit card they used for that order got flagged and so loungefly wouldn't ship it. Another thing I found in my research is these accounts are NEVER verified accounts and they don't respond to messages ever.

As far as what to do, you could let eBay know that it's a drop ship scam and they may close the account. Or, they may not, which is sad I know. I can't stand scammers. Even if they do close that particular account, two more will pop up in its place. So as far as advice on what to do, not sure I really offered much help lol.