Usually, “unreachable” would indicate that Spectrum has no way of gathering any information on that particular link. Spectrum doesn’t see the polling attempts reaching the link, so it can’t tell what the state might be, good, bad, anything. It has no way of knowing anything about this link.
A “bad” message would indicate that Spectrum has gotten some information about the link, and has determined its state. It is marked “bad” for a reason.