Green’s Dictionary of Slang

second-rate, inferior, disgusting .

1968		W. Stevens Gunner 217: Oney a month, and here I am [...] sittin around with a rifle up my ass guardin some pisshole headquarters.
1998		Guardian Sport 98 31 July 16: At Test level there’s no substitute for a string of rank pisshole umpiring decisions going your way.
2000		in D. Hopps A Century of Great Cricket Quotations 82: Pisshole shot Botham, pisshole shot. But if you keep hittin’ it son, you keep playing it.