I know you feel that way, but that's really a matter of conjecture... like I said, objectively, it's a record-setting success. That's simply a fact.
It's objectively bad. Awesome Japan has bungled this thing since the start.
The tier rewards were bad, the presentation was bad, the twitch stream was terrible (Potato quality everything with horrible presenters), poor explanation of what Shenmue is apart from 'We know there are rabid fans that would fund anything' and the stretch goals are amongst the worst I've ever seen.
If you want to point towards the performance, look how abysmally it's been doing the last week or so. Bloodstained never once got daily amounts this low. The beginning boost was thanks to Sony having it at E3 (Thank goodness they did or Shenmue III would continue to be a dream and nothing more with the way this kickstarter is being handled).
This game will struggle to beat Bloodstained at this point, which is a crying fucking shame.