Soy has been the subject of controversy lately. Commonly touted as a "superfood," soy may not be quite what the public has been led to believe in the past 15-20 years or so.
One issue is that soy contains a number of "anti-nutrients," including phytic acid, which interfere with the absorption of many important minerals, including calcium, magnesium, copper, and zinc. These anti-nutrients are only minimized/eliminated by extensive soaking and fermentation. The Chinese and other Asian countries who are noted for their soybean consumption, do so traditionally in the form of soy sauce, natto, and tempeh, foods that all undergo extensive fermentation. Tofu is also consumed, which is not extensively fermented but is soaked. Even the famous "China Study," conducted by T. Colin Campbell, indicated average daily legume consumption in subjects to be an average of 13 grams per day, or approximately 3 tablespoons. A condiment, yes, but certainly not a staple.
The typical soybean product in the US, UK, and Europe is likely to consist of highly processed, additive and preservative-laden meat analogs and others such as soy milk, soy burgers/hot dogs, Textured Vegetable Protein, soybean oil, and the like, none of which has undergone much soaking and little, if any fermentation. All anti-nutrients will not be eliminated or even significantly reduced in many of these products.
One of the most potentially tragic consequences of the soy health craze is its use in infant formula. Although adults are not free from any potentially harmful effects, I can imagine that growing infants, who require significant amounts of fat, fat soluble vitamins, and cholesterol for development, are especially vulnerable.
So to answer your question, soy can certainly be bad for your health, if it is not properly prepared. It is not necessary to avoid properly prepared soy products, but as with any other food, moderation is recommended.