Hot take: Jared Leto is actually pretty good as an actor. Not amazing, but fine. It's his choice of roles and directions to take them that are atrocious.
For example, I hated his Joker. But I will admit that what he did with it, he did well. The problem wasn't the acting, it's just that the whole thing should never have happened. The makeup, the script, its all just a terrible version of the character. But that's more a complaint about the director, the suits, and the casting decision, not skill. And he's in plenty of movies that I think are kinda meh like Fight Club, Panic Room, or Tron Ares, but his acting isn't the thing bringing any of them down them down.
And he's got plenty of good stuff under his belt. My So Called Life, American Psycho, Requiem for a Dream, Dallas Buyers Club, just to name a few. He definitely earned his reputation to get where he is.
Then again, I never even tried to watch Morbius.