I disagree.
Steel could have been a good movie back then, even with a small budget. It did need more money, though. That was just one of its problems.
What hurt it, like with all bad adaptions, is the script, cast and crew. They treated it like a joke when it could have been used to go into the military industrial complex like Iron Man's doing.
They don't even have to go far for this. During his stint as "Superman" Irons had a great storyline with a ex-lover/co-worker who he worked to create super weapons for the government only she took his designs once he left then sold it on the black market. The idea practically writes itself.
But then that would require someone to read the comics or talk to the DC staff. Can't have that!