Surely you know The Asylum. They make those horrible knock off movies that show up on DVD right when the movie is in theater. And some of those god awful monster flicks. Their movies just hurt, and you wonder why they keep getting made, and some part of you is totally jealous that you're not making money off them too.
There is one redeeming thing, in my opinion: you can learn what NOT to do by studying Asylum films.
Are you a director, or special effects artist, or stunt choreographer? A writer, or acting coach, or scientist? Whatever you do, you can learn how to be better at it by seeing what they do so horribly wrong.
I "study" them for writing and plotting reasons. Not that I actually watch a lot of these crapfests, but when I do, I can see everything that has gone wrong. How bad the dialogue is, how flat the plot is, how weak the conflict is. And if I can figure out what would make it better, then I can learn to recognize the flaws in my own work. Which makes me a better writer.
All from watching some sickeningly bad movies.