We could easily call this Money Grab: The Movie.
You just described 90% of everything Hollywood has ever put out.
Yup. They probably did an analysis and decided that if they make this movie as cheaply as possible it will make a profit. Only if some people will watch it due to having nothing better to do, or watch it so that they can complain about it or riff it.
Actually, I was kinda hoping that this kind of money grabs would no longer work. In the old days it took longer for the news of a bad movie to spread. Nowadays when (at least) half of the moviegoers tweet about the movie Hollywood has already noticed that movies will flop faster.
So the fact that they do something like this is alarming. Either they can make a movie REALLY cheap, or they really believe this will make a lot of money...