I think it's cruel to have it at all. The teams that are in it just lost the game the day before that could have had them playing for gold. And while a lesser nation might consider it their just rewards, and go all out to play in it, there's usually going to also be a "top three" team that simply won't go all to win it, whether they should or not.
And that can and often does lead to a bad hockey game. Is that what we want?
I think as a principle too, that we shouldn't force anyone to compete in the Olympics at any point if they have no chance to get the gold medal. And that's what we're doing with the bronze medal game.
Heck, if we base who gets the bronze on the record during the previous games, then maybe teams who get to coast to the "medal round" will try harder during those "non-medal round" games.
I say, get rid of it.