Ignoring the already repeated a dozen plus times subjective lets move on a bit.
Is it art, sure, in the same way i could piss and smear shit on a canvas and say its my deep seeded rage for the government and make 10 grand off it. In that definition it sure as hell is art.
However that art has no bloody dignity. I'm sure there is some stapled on 'meaning' she has attached to it but its bloody damn clear she did it for the money. You can tell there was no real feeling behind it. Its shock art. Its meant to look edgy so she could sell it for a crap load of money.
There is no soul, no feeling. it is just a ploy to grab money. That's not to say disturbing or strange images are not art or are all for money. One of my favorite artists is Mark Ryden. Type that into Google image search. I'll wait.
As well I'm not saying an artist shouldn't make money or that they should never try to sell there work. That is stupid as well. Art can lead to business, but your motivation to make a work in art shouldn't be about the money. When i look at the 'My Bed' picture i don't have any feelings. Its just a messy bed. You have to read the description before any meaning or factors come through.
Back to Mark Ryden, look at this picture.
http://www.scene360.com/wp-content/themes/site/uploads/ryden_04.jpg
While you have to read a description to understand what is so 'objectionable' about the My Bed you can look at that picture and derive some meaning out of it. You might think it sucks, you might not quite understand what the hell is going on, but you can understand why people might hate or love it just by looking at it. It doesn't need to be explained as to why any emotion at all comes up when take a look. The picture itself is all that is needed to enjoy it or hate it. The creator doesn't need to talk about how she pissed and cummed and menstruated on things that makes it shocking or interesting or unique. It just needs to be.
So yes, 'my bed' is art. In the same way a stripper is a dancer.