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Waterworld was actually a good movie. People don't like it because it's gained notoriety for being a box office bomb. The film had gorgeous sets, but of course they were extravagant and extremely expensive, hence why the film didn't turn a profit.
Most of the time when people bash the film, they have not even seen it. I've called people out when they bash the film IRL, and every time the people admit to having never seen the film. It's a running joke to bash it. People are such fucking sheep.