I agree. It's not shitty, it's just... rambling? Unfocused? There are gripes I have with it (way overblown, shite lyrics, crappy vocal take) but it could easily be hammered into something okay. The two extreme reactions (this is a pile of shit/this is as good as Bad) are as ridiculous as each other. What I don't like about it's potential is only related to what U2 did with songs on the Bomb. Mercy, if it was finished and included, I think would sonically come out similar to Miracle Drug, keep the poor lyrics and poor vocal take, and have all of it's good parts squeezed together into an overloaded, overblown song, about 2 minutes shorter than the version we have. I guess what I'm saying is that an actual finished Bomb version of the song would be inferior to this version, but I think it currently does have the pieces to be taken apart and rebuilt into something good. Not great, but very good. I think this version is getting such an extreme reaction because for some people it's porn if they adore above all else a certain formula to a U2 song, and for others it's cringe worthy because it's an example of a certain stereotype of a U2 song.
For me, if it were an Achtung Baby outtake I would be yearning to hear how it could have ended up after going further through the creative machine they were plugged into then, but being a Bomb outtake I cringe to think about how overblown, overproduced and soulless it would have ended up had it gone through that particular creative machine/production line. That's just my personal opinion. I guess we'll know once we've listened to the new album. It might not be on there and I might be thinking "thank god for that" or I might be thinking "shit, they could have worked that into something great for this".