I don't think it's that simple. He's not everything you'd expect out of a #4 pick, but it was a weak draft. Also if you look at his history, under the right coaching I think he's shown he can be a very good player.
Tyrus is one of the few guys on the Bobcats who has been worse since Larry Brown left. Tyrus also looked great at the end of his rookie season under Skiles, but after Skiles went he was terrible under VDN. He needs a disciplinarian coach because he's a guy who if left to his own devices will walk up the court and hang out on the perimeter pretending he's a small forward (remember after the draft when he was telling everyone he saw himself as a 3?)
At his best though Tyrus is one of the scariest help defenders in the game, a decent rebounder (if someone ever managed to get him to box out he could be excellent), and a very under rated scorer.
Funnily enough Thibs seems like exactly the sort of coach who could get the most out of Tyrus, and it's kind of a shame we don't get the chance to see it. I can see why people dislike Tyrus because he did under perform, but not all players are the same, some need a little hand holding to guide them, and with the right coach I think Tyrus can be a contributor on a good team as the 3rd big playing 24 minutes or so off the bench.