Why is that such a bad thing? You make it sound that it should never have been made. Unless, of course it's Zethor's script…
It's bad because they "stretched" the script artificially just so they can fit 9 hours of content in it. The Hobbit goes on a quest with some dwarves, gets chased by some goblins and steals a ring during the journey - this is, literally, everything that happened in the first three seemingly never ending hours. Three hours covering 80(?) pages, in which less things happen than the first hour of the Fellowship (Sauron battle, ring corruption, Smeagol's find, hobbits introduction, Aragorn wraith fight) - if that's not BS, I don't know what is.