Who would want to cover a song so wretched?
Exactly! That's the better question, imho.
As most of you know by now, this was a soundcheck recording that got released to the fan club & eventually wound up being (stunningly) their highest charting single by far. All of that is pure fact-is-stranger-than-fiction stuff.
But like Mike says, WTF were they doing playing that horrible song under
any circumstances!? Unlike Cartman or (maybe) Sinatra or certainly heavy metal Pat B., there is no sense of irony here at all, and this is just the polar opposite of the kind of earnestness Vedder can pull off.