Anyone bashing the Panam for being ugly is missing out on a key element of ADV bike marketing: the bikes sell best when they're ugly. It's a badge of honour, as it suggests form over function and a level of durability. Military vehicles are also ugly, for example. The GS is super duper ugly, the various Tigers are ugly, the Tenere 700 is ugly, the Tuareg is ugly, and everything KTM makes (bar the Super Duke) is hideous. It's part of the class. Here's a list of bikes in the category, and to my eye, only the Honda AT and Guzzi V85 are in any way attractive, and even then, it's a weird sort of ungainly attractive:
2022 ADVENTURE BIKE BUYER’S GUIDE - Dirt Bike Magazine
This isn't to denigrate the class. Far from it, they're mostly fantastic motorcycles, and the look perfectly fits the fantasy they're selling. No different from race rep sportbikes selling a fantasy of being Marc Marquez or HD-style cruisers selling the fantasy of being a tough rebel that is happiest on the open road.
I don't mind the Panam, personally. I'd never buy one, but as a sportbike refugee I'm definitely not the target market for the brand. It's unique looking and will never be confused with anything else (unlike so many of the GS ripoffs in the class: I'm looking at you, Triumph!) and instantly tells you what it's supposed to be with a glance.