This is not a bad film. In fact, I'd say it's kind of a rare gem. You have to watch it in context, though. The context is that its a relatively low quality copy of a low budget film made in 1976. However, the story is actually pretty good and the acting isn't bad either. It stars Bill Smith who never became a roundly recognizable name but his face you'll probably recognize. He's done a ton of work and has a definite action hero look.
According to the person who uploaded the video, Quentin Tarantino included Hollywood Man in the 1997 Quentin Tarantino Film Festival, which means that Tarantino probably thought the movie had some merit story-wise. Here's the whole movie. Looks like the aspect ratio was cropped for TV possibly.