The song isn't bad at all. It's fun and campy. I don't know why anyone expected more out of Madonna at this stage, anyway. Hard Candy should have shown you all that she's not the kind to make innovative, revolutionary songs anymore.
And I don't really see how anyone can claim that the song is a failure so early on. There's still massive promo to occur and we've yet to see if it will grow digitally or on radio formats. MDNA is sitting comfortably at #1 on tons of iTunes Albums charts. She's fine, and MDNA is shaping up to do well. Madonna can release anything at this point and sell.
I don't think it's fair to claim that all Monsters are behind GMAYL flopping, but obviously some are.