Possibly, but I think it’s a bit more intuitive than that. It’s basically just like companies with terrible websites:

Most of them are terrible because they no longer exist, have no budget because they’re not making money, or because they’re bad at doing things generally.

But then there’s a set of companies that do fantastically well and are so busy serving customers (or are satisfied with their results) that their website doesn’t matter. In that case, the bad website is an indicator for a good product.