First of all, people say it's bad because it is. Second, after 4.Bc5...... 5.Nxf7 is better than 5.Bxf7+.... you simply don't capture the bishop after Bxf2+ play Kf1 instead. White is still forking the rook and queen so after Qe7 take the rook and white is better.
And this is exactly what I am talking about. Absolute ignorance.
So you are completely wrong about 5.Nxf7 as black is equalized in all lines. For your example line, you have failed to even realize that the main line goes:
5.Nxf7 Bxf2+ 6.Kf1 Qe7 7.Nxh8 d5 8.exd5 Nd4 which reaches the main position. An example line is 9.d6 Qxd6 10.Nf7 Qe7 which is proven to be equal though it requires some effort from black.
5.Bxf7+ is definitely the better move.
5.Bxf7+ Ke7 6.Bb3 d6 mentioned earlier in the thread has a major problem in 7.Nf7 Qf8 8.Rf1 Rg8 9.Ng5
5.Bxf7+ Ke7 6.Bb3 Qe8 is much better where a line is 7.d3 d6 8.Be3 Qg6 9.Nf3 Bg4 10.Bxc5 dxc5 11.Nbd2 Raf8 12.0-0 Nd4.
Now with best play black only gets a half pawn worth of compensation, but it's not bad for the reasons people say it is. It's more an issue with a large amount of theory and there are many perpetual checks available at the top level.
5.d4 is a move that surprisingly does not get any attention when it's one of the bigger issues black has to deal with.
First of all, people say it's bad because it is. Second, after 4.Bc5...... 5.Nxf7 is better than 5.Bxf7+.... you simply don't capture the bishop after Bxf2+ play Kf1 instead. White is still forking the rook and queen so after Qe7 take the rook and white is better.