Personally I'm baffled by it. It's unbearable, obviously, but I feel unqualified to pass judgement on it because I have absolutely no idea what she was going for. Is it some kind of political statement? A parody of something I'm unfamiliar with? Some kind of post-post-ironic artwank? Dismissing it as crap seems unsatisfactory, because it's too crap - nobody could have made something that bad by accident, could they?
I just tried watching some of her other videos, and it turns out she's actually a pretty good singer.