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Short answer: No, not inherently.
Longer answer: Frequently, yes. With the caveat that "good" does not equal "great."
Even longer answer: "Good" is, of course, a subjective evaluation and so at best popular can not equal good but rather popular can be a strong correlate to what I find good.
Altered point of view answer: On the assumption that filmmakers feel at least some artistic pride in their productions, then from their point of view (and their money masters) popular does equal good.
Side Topic A answer: Particularly not when it comes to IMDb movie ratings where geek herd mentality reigns. For example, The Good, the Bad, and the Ugly; Pulp Fiction; The Empire Strikes Back; and The Return of the King are also in IMDb's Top 10.
Side Topic B answer: If popular does equal good then the top ten films of all time are:
1. Gone with the Wind
2. Star Wars
3. The Sound of Music
4. E.T.
5. The Ten Commandmants
6. Titanic
7. Jaws
8. Doctor Zhivago
9. The Jungle Book
10. Snow White and the Seven Dwarfs
Using the still flawed equation that inflation-adjusted gross = better measure of popularity. This list provides strong support for the idea that popular may not equal great but it is a strong indicator of good.
Side Topic C comment: Personally, The Shawshank Redemption is a top 10 film. It may not be the best in many individual categories but it combines to something that very few movies have for me: rewatchability. I have seen it more times than any other movie, I'm pretty sure.
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