I mean I've definitely had a great time watching terrible movies before. I think the weirdness of Cats is throwing an extra variable into the metaphor (observation?) because it highly increases the odds that the reaction is going to be laughing regardless of whether the person decides that they hate it or it's terrible or that they loved it or... whatever else. Whereas a lot of "HOW did something this bad get made??" movies just don't become that entertaining. Much like a lot of things that most people regard as uncanny or surreal, there's a decent amount of people who are like "hahahahah this is uncanny and it's an eldritch horror, unclean" and a decent amount who are like "hahahah this is bizarre and I'd like to watch it at a party while playing drinking games".