Why not both? If we, collectively, perceive most of things surrounding us as ugly, then we, collectively, can feel like we live in ugly times, even though there's no objective measure of ugly. While feelings are subjective, their prevalence can be objectively seen and argued about.
Imagine instead the headline were "we live in frightening times", and described how a lot of people fear what's going on around. Fear is not objective - it's an inherently a subjective feeling. But the number of people feeling afraid can be studied (e.g. by polls, or other sociological means) and if it's high, the argument can be made that it is the "frightening times". And definitely there's ample precedent of using "frightening times" in the headlines. So why not "ugly times"?
Imagine instead the headline were "we live in frightening times", and described how a lot of people fear what's going on around. Fear is not objective - it's an inherently a subjective feeling. But the number of people feeling afraid can be studied (e.g. by polls, or other sociological means) and if it's high, the argument can be made that it is the "frightening times". And definitely there's ample precedent of using "frightening times" in the headlines. So why not "ugly times"?