I'm not sure about "horribly" - take a step back and consider it in context of the efficiency of incandescent lighting which we had for donkeys, and which 30% of the Brexit ******* want back.
On a whole-life basis, I'm not sure that trying to cram an unsophisticated SMPS into a small lamp envelope is such a good idea.
On a whole-life basis, I'm not sure that trying to cram an unsophisticated SMPS into a small lamp envelope is such a good idea.