The latter.

There have always been despicable people like Trump, and I'm certain that, as horrible people go, he's not even in the top thousand of horrible people alive today.

It's far more sad that so many people in the US are willing to overlook his faults; even if you discount his rabid base, it's especially sad that close to another 20% of Americans who are more or less centrists (for Americans) are willing to overlook the fact that he admits that he's working toward a dictatorship. This is the most depressing thing, for me.