I'd say its reputation is pretty well deserved
If one listens to Cold Lake without knowing the drama around it, or without repeated listens of earlier Celtic Frost material (thus having no real attachment to the band), the album is quite good. It's good music. I don't know how people can be upset at that album, but then turn around and listen to Disturbed. It's often as if people want their bands to maintain more 'integrity' than they have.