Let's say that game is God of War Ascension. Let's say that the single player is awesome, game of the year, 10/10 material. Let's say that it comes packed with some pretty underwhelming multi-player. There's going to be somebody out there that may have been on the fence about this series but they are considering buying it based on the multi-player content. Now, if the multi-player sucks, their experience with the title is going to totally be lacking compared to guys like you and I who mostly care about the single player.
Yeah, the content is totally optional but, by adding it, it has to appeal to somebody interested in it. There isn't a single player score and a multi player score. There's just "the score". A Call of Duty game may have a shitty single player campaign but the multi-player is awesome. The stronger portion will inflate the score while the weaker portion will deflate it.
So, the bottom line is, if you're going to do it at all, you need to do it well. Like a woman with torn up panties, you may as well leave those panties at the house.