For more than 40 years now, moviegoers have lined up to see the spectacle of people being slaughtered by a psycho with a chainsaw, a psycho in a Halloween mask, a psycho in a goalie mask, a psycho with burnt skin and a striped shirt and fedora, or a psycho with S&m nails in his face. So why not a psycho Winnie the Pooh?

“Winnie-the-Pooh: Blood and Honey” raised a few hackles — otherwise known as free publicity — for having the scuzzy temerity to take a couple of beloved children’s characters and place them at the center of a slasher film. Yet the stunt concept was about all there was to it. The movie, made on a budget of $50,000, was too logy and inept to be a real scandal, or any sort of theatrical sleeper hit. On paper, “Winnie the Pooh: Blood and Honey” sounded like an extreme TikTok video,...