It can be. The most common usage of this term is as follows:
A) Hey, I'm going skiing with Jack, together with his brand new girlfriend.
B) Why? He has never been skiing and he sucks at sport.
A) Yeah! It will be a 見物! hahaha
When you say 見物, it implies that you are looking forward and will enjoy seeing how he/she will fail. So you risk to be seen as an asshole. If you are really close with the conversation partner and you fully understand the nuance of this term, you could use it to joke, but my advice is to stay away unless you are really confident.
Usage of 見物 as simply something worth seeing is rather archaic now and is not commonly used.