I have similar memory on its initial release. Corny, crazy, poorly directed, just jumped around without much logic -- the hot summer meant something, though I'm not sure what -- crazy purple light room with crazier Gary Busey hamming it up -- the near-future outfits looked cheap with Hawaiian shirts and hats. Kids liked it because it kept moving, Pred had a lot of weapons as I remember, and the finale established a whole world of Predators and possibilities.
That said, it likely seems brilliant compared with the crap that followed in the AvP universe and then the recent attempted resurrection of the franchise.
Just from a concept perspective, Prey is much closer to what a Predator movie should be about.
Predator vs Samurais
Predator vs Pirates
Predator vs WWI soldiers
Predator vs Nazis