If there is a current equivalent to Ed Wood, he is probably working somewhere in the direct to video market (or maybe just posting his movies on YouTube), and I suspect he’s not terribly well-known. It’s not like Ed Wood was especially famous while he was alive and working. It’s only after his death, when books like The Golden Turkey Awards started calling attention to him, that he became something of a household name.
The problem, as others have said, is that Wood really thought that he was making good movies. He wasn’t cynically making crap for tax purposes, or because he thought people were suckers who would buy anything. He was genuinely doing his best to make excellent films. He was simply completely lacking in any sort of film-making talent.
Michael Bay, Roland Emmerich, even Uwe Boll, are nowhere near Wood’s level of badness. Their films, silly and predictable and unimaginative as they may be, are at least competently made on some level. They usually feature professional actors that you have heard of. Their special effects are often well done, sometimes excellently done. You can generally make out everything that’s on screen. The editing is done capably. The dialogue is usually audible. In short, while they may be bad movies, they are at least professional movies.
Wood’s work was way below that level. He had no real skill, either in writing, directing, or film editing. His dialogue made no sense, his special effects were abysmal, his sets were wobbly, his scenes didn’t even connect to one another in any sort of logical order, and his only actor that anyone had heard of was Bela Lugosi, who by that point of his life was desperate for any sort of work.
If I had to compare Ed Wood to anyone, it would be those poor saps in the first episodes of each American Idol season. You know, the ones who are sure they’re fantastic singers, even as they screech through an off-key rendition of the latest hit song, only to have Simon Cowell hurl insults at them afterwards. Only there do you see anything approaching the level of self-delusion that Ed Wood embodied.