It's neither incorrect or uncommon, it's just that's "this can't be good" doesn't sound very well in Spanish. In fact, if I hear someone saying "esto no puede ser bueno" I immediately think "they must not be native" (at least from Mexico, which is where I'm from). As you probably can tell by now, by studying Spanish, is that almost every Spanish speaking country has their own 'variation', or so to speak, of Spanish. What means one thing in a country, means a completely different one in another, there are many examples of this, so I won't get into detail. But the point I'm trying to make is that, movie subtitles often try to use the lowest common denominator Spanish, or in other words; Spanish that can be completely understood in all the Spanish speaking countries where the media will be distributed (be it a movie, a TV show, a magazine article, a comic, etc.); therefore sometimes you find "strange" words or sentences, because although it may not be common in a country, it is the lowest common denominator. Translating English literally in media would cause a lot of misunderstandings and misinterpretations.

Both are correct and common!