No. He's a 5x All-Star, that ain't bust status. At his peak he was a Top 4 point, and had a stretch where as the best player on the team he took the Wizards to 4 playoffs in 5 years, coming a game short of the East Finals...
Now, his career has ultimately been a disappointment, I think that's fair. The injuries just never stop with this guy. And its been clear for awhile now, he fell in love with celebrity and doesn't have the commitment to basketball that other guys have, basketball isn't the biggest priority for him. If he was more committed he had all the tools to be a better player...
I was a big fan for a long time, and the Wizards were on the cusp of contention status 4-5 years ago, then he started going sideways. Is what it is, but nah he's too accomplished to be called a "bust"...