How bad is it? It's mediocre.
Should you see it? You could do worse, but why bother?
There's been enough films from Marvel that you probably know the plot: four people go to space and come back with superpowers; then they have to use them for good. This was made for a reported $1 million and the budget looks like it went mostly to one costume. The special effects are often quite bad, especially with the elastic guy - his arm waving from the limo is funny, for example. The acting isn't great and the plot has some issues (two people fall in love much too fast and conveniently), but it's closer to the original comics... so I'm told... than the films from the 2000's. The stories surrounding this getting shelved probably are more interesting than the film itself.