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Water-Ice is not a bad type
Of course, Pokemon are much more than just types.
And the utility of a given type depends on the context of the metagame at hand.
On an individual pokemon basis, having good moves to utilize your stabs matters too.
Mathematically, ice offers less defensive utility than any other type, but it is quite good offensively.
If ya'll type autists wanted to see real-world examples of "Would a given pokemon prefer to be another type" you might check out the camomons OM.