No, my judgment of not great code is not based on what the code does - and if it does so correctly - but on how the code is written. Those are independent things, you can have horrible code that does what it is supposed to do but you can also have great code that just does the wrong thing [1].

[1] I would however argue the later thing is more rare as it requires competent developers, however this still does not preclude some misunderstanding of the requirements.