I agree. It did that very well indeed. I remember (aged 17) going to see this at the cinema (twice). I was thrilled we were getting it nice and uncut too (unlike the Americans, who apparently had to have a censored version in cinemas). It was agreeably lurid, albeit utterly ludicrous, and it seemed obviously that, as always, Verhoeven was having a laugh, sending up the genre and deliberately winding up the easily offended. I recall an interview he did with Empire at the time, in which he proclaimed: "Fuck politically correct." That greatly amused me.

It's not a great film, as you say, but the entertainment value is definitely there for being so ridiculously overheated. I may prefer other Verhoeven films (his sci-fi pictures like Robocop or Starship Troopers), and people forget he's even more adept at jabbing politically incorrect raw nerves in films like Flesh + Blood and Elle (both of which I think are deliriously, exhilaratingly transgressive in ways that far exceed what's on display in Basic Instinct, and both of which I prefer). But Basic Instinct, for better or worse, is likely a key film in his filmography for which he will be remembered. The same is also true for Sharon Stone (who I have always adored, not just for Basic Instinct). Also, a special shout out to Jeanne Tripplehorn. She is wonderful too for being so game here.