It's too cheesy, generic and boring.
That song could have went to Katy or Rihanna, Demi Lovato and a bunch of other popstars. Most of the stuff on Bey's album can't be pulled off by anyone else.
Wrecking Ball actually isn't that generic, and it's a great song. Bey probably knew it wouldn't fit her style and vocals, so she rejected it, although I'm interested with what Bey can do with the song.
Bey's voice wouldn't work on the track. That song was literally made for Miley. It doesn't really fit with the musical style Bey was going for on this album, and regardless, it's just not something I can even imagine Bey singing. Miley does the song a lot of justice. It works for her and she had huge success with it, so in the end, it all worked out.