Art highlights the elitism of opinion Most people would agree that Shakespeare was an infinitely better storyteller and writer than Michael Bay. There's a fair consensus that shakespeare was an exceptional writer/artist, only a tiny percentage of people would say Michael Bay was as good, better, or even an artist at all. Shakespeare explored the human condition with almost unmatched eloquence, Bay makes movies with explosions and hot models because Bay likes explosions and hot models, not because he has any interest in people or telling a compelling story.
One important (and usually, for the most part largely accepted) view of good/high art is that is communicates something important effectively, that resonates with people for a very long time. Shakespeare, Michelangelo, Beethoven... all these people made "high art". Their work has a timelessness to it, that resonates with people across all time, that survives and stays as strong as it was when first created. Most "popular" or "low" art fades away after a few decades or less. It was not created with the talent or vision, and therefore does not possess, the ability to remain relevant and survive after it ceases being new and exciting, because it was made more to be new and exciting than it was to achieve artistic status.
So the distinction we as a kind of semi-united "western" culture have made between "high" and "low" exists for a reason. Although it is subjective to an extent, it's not baseless- it relates to the idea of the "western canon", a collection of artworks from our cultures that exists as a kind of lasting legacy of what we are at our best.