A bad idea? I would say its quite the opposite. Just look at it this way--your market research is essentially done for you.
If there are existing businesses with the same idea, who are their customers? What iterations did they go through to reach product/market fit? How are they vulnerable?
If there's currently no one profiting from this idea...well, why the hell isn't there? Did someone raise some cash, get a bunch of press, but ultimately fail to execute? Awesome, you now know what not to do.
The general idea behind all of this is that you need not worry too much about the competition at this point. Learn from it, sure. But please don't let it discourage you from even trying. Good luck!