The phrase can reflect personal taste, so what's 'not up to much' for one person may be fine for another. His painting wasn't up to much, at least that's what I thought.
Pro Tip 2/3
Not Awful
It doesn't mean something is terrible, just that it doesn't stand out positively. The lunch at the cafeteria wasn't up to much today.
Pro Tip 3/3
Understated Critique
It's often used to politely express disappointment or that expectations were not met. The sequel to my favorite game wasn't up to much, sadly.