Yep, you've correctly summed up exactly what Adult Swim is. A lot of people would argue that it's a more recent problem, but honestly, there's only a small handful of shows they've ever produced themselves that I'd consider overall funny or entertaining.

Adult Swim fans would have you believe that being stoned is the ticket to enjoying these shows, and maybe it would be if CN was the only channel on television. But IMO they're generally just not good regardless. I'll willingly admit that I'd rather see a Family Guy or Cowboy Bebop rerun any day of the week than a new ATHF episode.

EDIT: Oh, sweet downvotes of disagreement. I'll even justify my argument! Adult Swim is terrible because:

-The production quality is laughable

-Their "bumps" try to be too funny and take up too much time

-Their fanbase tends to be /b/tards and angry neckbeards, and [as] continuously listens to them for terrible programming alterations

-They constantly make last-minute changes to their programming, often on the day I'm expecting to see a specific episode of something

-Despite The Boondocks being BY FAR their best show (imo, and they don't even make it themselves), they rerun it barely every other week

-Their shows are absurd for the sake of being absurd rather than artful or humorous. It's as if there's a direct relationship between how funny something is and how many random objects and characters fill up the screen.

-If you're going to use toilet humor fine, but at least make like South Park and keep it either funny, subtle, and/or relevant to the storyline

-Most of their shows still have that dumb Home Movies-style of voice acting where everyone talks in this weird quiet-but-fast manner that is often just poorly delivered

-Just in case you forgot, almost all of their cartoon shows are drawn and animated like complete shit. Almost every one. I understand, budget/time/etc, but if you're going to make it look bad at least make it funny.