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Its badge on a product's home page is to me a negative signal, but partly since it does still happen (quite a lot) - people do seem to use ProductHunt.

(I suppose I'd use it - and pretty much anything - but just not put 'omg #1' badge on my site, if I had something to launch myself.)

Completely tangential now, but I think its problem is right in the title - who is hunting a product? It's a complete echo chamber, surely nobody who doesn't have something to launch is actively using it - 'it's Wednesday so I need a new Gmail-integrating Jira spline reticulator'.

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