Street Fighter: The Movie (Raul Julia is just the best)
Dungeons & Dragons (So is Jeremy Irons)

The gold standard for me its of course Tommy Wiseau's The Room (2003)
I have a similar sentiment to other films like Face Off, Kiss of the Vampire, WickerMan (2006) and yeah a lot of other Nicholas Cage films cause damn.
The Happening and Samurai Cop deserve a mention.

The Room was the only one who legit tried to make a fairly good movie with all the passion needed. It just ended up the way it did.

Most other are genuinely terrible while making you laugh sometimes for the wrong reason expected.

I'm going to have to list Tremors also. The first movie was okay and cult classic. It had crappy acting and special effects weren't the greatest but it wasn't completely terrible. Now the sequels. Oh my God. The Tremors sequels...

I also want to include the first scene of the first Mad Max. The movie is decent afterwards but man that scene with night rider or whatever "villain" called himself. I guess he might of had CB radio and was talking to the cops like never catch night rider or maybe he was just yelling to himself and his girl. That is one of the most cringe worthy scene I have experienced in my entire life. Let's just say I'm glad the night rider crashed his piece of shit car and killed himself and his girl because he was annoying as fuck. They tried to portray him as some badass criminal but he was really just a screaming idiot.

Going to put The Warriors on the list also.  Did you see the stupid gangs.  Lol. What gang dresses up as a baseball team to go out on the town.  Where are all these stupid gangs coming from?

There are many, but currently the ones I remember are Killer Klowns from Outer Space, Vampire's kiss and Brain damage.

The Police Academy films
Weekend at Bernie's
Howard the Duck
A lot of 80s comedies in general
Any of Pauly Shore's early-to-mid 90s vehicles (e.g., BioDome, Son-in-Law)
Probably most old 80s-90s horror films

A lot of the movies I watched as a kid were, in retrospect, cheesy as all get out, but I still think they're fun nonetheless.

Weekend at Bernie's and Police Academy 1 aren't bad movies.

Perhaps we should draw the line of contestants at an IMDB score below 5.0

Here is another really bad movie I still adore: Sunshine Reggae on Ibiza (IMDB 3.4)

Trailer NSFW!

View on YouTube

Just watched National Treasure a few days ago. It's a fun movie but damn Nic Cage is like a walking caricature of himself. XD

I feel like "it's so bad it's good" is reserved for movies like The Room where the people involved were making a serious attempt to make a good movie.  Kung Pow on the other hand was designed to be incredibly stupid humor.  It is literally pieced together from old crappy kung fu movies the voices are intentionally misdubbed, etc.  It's supposed to make you laugh about how stupid and cheap it is, and it succeeds.  That's the joke.  You're laughing because they did exactly what they set out to do.