"Memes are a valuable cultural reflection and form of art." - -We are in total agreement here.

"Much of art is so bad that internet memes seem to have more intellectual value." - -Again no doubt about that.

I only disagree with the examples of "bad art" you provided. If someone fucks with the head of a snobbish art curator it is a win. If someone fucks with the head of a gallery visitor it is a win. And if someone is afterwards able to sell it in all seriousness for millions of dollars it is a double win... Art is fun.