It really depends on the game.

Some games are challenges that many people feel as completed when they finish it. For me, that would be Portal. The storytelling through the setting was great, but the main focus was the puzzles which aren't as fun the second time through. Portal 2 has a great story that makes it fun to replay, but that doesn't mean Portal was a bad game because it didn't have a story line worth replaying. Plus Portal 2 had the additional custom puzzles that made it worth playing outside of the story itself.

Being an unfun challenge is definitely the sign of a bad game., or at least a bad match for the player. I'm sure there are plenty of people who think Dark Souls/Elden Rings are bad games because of the frustration factor, some only play it once to get the satisfaction of beating it, and there are people who play through it over and over again.