To me, it's either a custom work done started with 4 circles (plus some cuts and strokes) or a badly drawn freebie. Whatever it was, it is as you said deeply rooted in Bauhaus.

Why do you think it's such a bad font?

Was just a personal point of view. Unbalanced drawing and inconsistency are clearly not of my taste. I don't like the way /e is drawn, it feels awkward as the entire logo. Don't like the connections between letters, not enough smooth. Don't like the stroke thickness inconsistency too. Don't even know how to read it... "eden" (in this case, what a bad /n to me)? "edeo"? "edes"? Looks like the designer had the idea "4 circles", started with the /d, added the /e's and even with difficulties sticked with it and just throw down the last letter. If it was a font, it's not as easy as reducing tracking between letters to create a connected lettering.
To me, it's another example of (may be)"nice idea wrong execution".