For me, I'd say it depends. I've done a few blind buys based on recommendations from "friends", such as "G.I. Joe" and "Hitch" that I am not exactly proud of.
But, I also proudly hold "Hudson Hawk" as one of my favorite films.
As others have said, I think it's that difference difference between truly "bad" and mediocre, lazy, or inept. I have little tolerance for any of the latter. I've never been able to watch a film "ironically." But, there are some "bad" films that are simply fascinating failures, "Southland Tales" and "Speed Racer" come to mind, that I do truly love and hold up high. For those films there is some singular magic behind them and I have no shame whatsoever in owning them or even forcing my friends to watch them.