Waterworld is fine. It just gets ragged on because of its insane budget and the lackluster results for said budget. But if you don't care about that and just watch a movie, it's a decent movie.
The Simpsons joke where the tie in video game needs 40 quarters is still funny though.
The movie was infamously over budget. It basically doubled from its initial budget and was for the time a record expensive movie to make. All of that for a final product that was fine but not really showing all that money on screen. It was the topic of many late night show jokes and such.
Like most, I totally disagree. However, it had such great potential.
I feel the same about Valerian. The imagery was pure eye candy and then I watched it, so looking forward to a great flick, and what I got was... Valerian.
The plot was bad, but I don't think I've ever seen a movie close to how bad the romantic chemistry was between the main characters. There was negative chemistry, in fact they felt more like brother and sister which just made the whole thing creepy.