> clashing shades of horrible colors (for camo)

They tried something similar for ships and a few planes. I think it wasn't very effective as camouflage though, and was more intended to confuse the distance & direction of travel. https://en.wikipedia.org/wiki/Dazzle_camouflage

> had a laughably ugly form

The B-52 was called the "Big Ugly Fat F". The A-10 was called the "Warthog". Both considered ugly but effective.

That said, there probably is some effect, it's just hard to measure.