What was so awful about this and how would a bigger budget help? Transformers 3 had a bigger budget but it was garbage.
This was a mediocre Sci-fi with an uncommon premise or at least a novel take on a well used premise (the powers that be experimenting on an unwitting everyman). The effects were technically competent, especially the makeup (if not a little uninspired). It was way better than CGI heavy b-liters (and even a few A listers *cough*MIB2*cough*Lastairbender*) There were a few decent plot twists and some dark, cynical humor, especially in the banter between the protagonist and the AI of the suit.
This is like a B rank sci-fi movie. It's better written than some big budget crap like Independence Day or Star Wars: Phantom Menace and has just enough production budget to get the job done, unlike real bottom of the barrel Sci-fi such as Roger Corman's Circuit Breaker, Omega Doom, anything in the Nemesis franchise or almost anything made by Asylum Entertainment.