Films become cults in my lifetime and I have no idea of the fact until I read some article about the cult - Clue, The Room, Birdemic, this. I do kind of scratch my head as to why - it's a perfectly decent spoof of late 70s early 80s teen camp films (Meatballs, Little Darlings) with some funny moments and a superb cast. Maybe it's one of those movies that hold up when you watch it again and again.
It joyously plays with tropes and conventions, although you never feel for the characters in the way that you did in say Flying High (I had the same problem with They Came Together). I did like the way it "went there" with some scenes - the counsellors taking heroin, Michael Ian Black and Bradley Cooper having torrid sex, Paul Rudd being responsible for several kids drowning and no one seeming to care.