I dunno. Could be the bias, but I thought her first reign was fine. Russo had all but killed the belt's credibility and while Chyna isn't the best wrestler out there, she was over enough and getting enough mainstream attention to make the belt look somewhat important again. It was quick and easy heat for the belt, and it did somewhat kickstart the I-C division in the upcoming months.
Her SummerSlam 2000 win and subsequent reign was the bad one, IMO. They had already established a nice little I-C division, and putting the belt on Chyna killed whatever momentum they were building.
Don't forget the Co-Intercontinental Championship reign of Jericho & Chyna.
That was alright. They kept the focus on the belt and the angle only lasted a few weeks so it wasn't that bad.