I don’t think that bait in-and-of itself is a bad thing, exactly. It can be a good tool for getting your product to an audience, and for the consumer to know who’s the target audience in the first place. It just becomes an issue when the product is bad.
Like, I’d say something like Bojack Horseman is Reddit Bait, but I liked it. Rick and Morty was also Reddit Bait, but I didn’t like the third season as much as the first two.
Hatred was Edgy Sped Bait, and it was shit. But, so was Hotline Miami and those games are great fun. Execution is still very important.
Why Tumblr bait seems to be more annoying is because it tends to present itself as W O K E and all that. It can become holier-than-thou, and still be a bad product at the end of it. It can get grating.