Exactly.
By far the greatest bad movie I've ever seen is Miami Connection - not because it's one of the most laughably inept films I've ever sat through, but because you can tell that absolutely everyone involved was convinced it was gonna be huge. It's the earnestness that makes it.
I mean, it's about an 80s taekwondo glam rock band fighting cocaine-dealing motorcycle ninjas, and that's not even played as a joke.