Depends on your perspective.
In terms of third-party support? Yeah, it was one of the weakest systems out there as PS1 snatched up 3rd party support left and right. It was the system devoid of a Metroid game, the system Final Fantasy decided to avoid, the system that really missed out on great fighters like Soul Blade, Tekken, Street Fighter Alpha, Marvel vs Capcom, Darkstalkers, and more. It was a system devoid of JRPGs while PS1 was swimming in not just Final Fantasy but Dragon Quest, Valkyrie Profile, Parasite Eve, Chrono Cross, Koudelka, Arc the Lad, Lunar, Vagrant Story, Xenogears, and countless others. It was a system that didn't get most of the survival horror hits like Dino Crisis, most Resident Evil titles, or Silent Hill. It was a system that epic franchises like Soul Reaver, Tomb Raider, and Metal Gear Solid avoided for a myriad of reasons.
... And yet... it also had some of the most influential games ever created, brought countless timeless Nintendo IPs into the third dimension, knocked it out of the park with massive first-party hits ranging from Mario 64 to Ocarina of Time, had THE best years of RARE support ever from Goldeneye to Perfect Dark to Banjo-Kazooie to Diddy Kong Racing to Conker's Bad Fur Day to Jet Force Gemini, introduced stalwart mega-hits like Mario Party and Smash Bros, gave us wacky and unexpectedly great games like Paper Mario, Pokemon Snap, and Wave Race, and still has a library that's so good I feel the system earns its place as one of the best in gaming history, especially considering how many other properties were struggling to adapt to 3D gaming at the time.
It's a mixed system where the mistakes it created reverberated for years to come into the Gamecube's shelf-life, but also had such a positive impact on gaming as a whole that much of what they pioneer or championed was adopted by the industry wholesale and we take it for granted today.