Yes... From a media standpoint, that is EXACTLY what it means. Just because it doesn't live up to your "refiend tastes" doesn't mean it was NOT good. It just means it wasn't for you. However, if the majority of the players had a good time playing it, then it WAS a good piece of entertainment.
Quantity doesn't really determine quality -- That's like saying, because a game got a bunch of excellent reviews from a wide variety of reviewers then it must be quality. You kinda pointed it out yourself there though. Some things aren't exactly as entertaining for some people, as it is for others, and given there that we are all so very different from each other, and there's no consensus universal agreement between all of humanity -- in regards to a subjective standpoint in entertainment, music, ideals or religion, then I don't think it's ever fair to say that something is good because a lot of people liked it.
It's important to remember that even the most hated, or disrespected franchise, breakfast cereal, car or what have you, will have a following that agree it is excellent. It's all about herding together with people who thing or like the same things we do. It's a natural thing, just as well as it is trying to understand why some people think otherwise or provide opinions to the contrary at least. That is to say, come to terms with why they think that and not try to prove them wrong. Because that's essentially a futile effort brought upon many 'internet arguments'.
But that's really all I wanted to point out.