Yes, you can certainly argue about wether it's a good work or not. (I'd argue that it's a product of its time). But the outrage over the price is a reflection of the lack of education and serious engagement in art both on the part of individual and wider media.
It's just an investment. It's attracted a lot of attention, hence it's 'valuable'. That may be either in its increasing 'resale' value or because someone has far too much money sloshing around and glories in 'owning' the 'artwork'.
Yes, you can certainly argue about wether it's a good work or not. (I'd argue that it's a product of its time). But the outrage over the price is a reflection of the lack of education and serious engagement in art both on the part of individual and wider media.