No, the monster doesn't create the bad. But I think IT has deliberately fostered an environment in Derry where the bad can flourish and take root, while the good tends to be more stunted. While IT doesn't turn people bad or good, IT's probably happy to give people that last little push to send them over their personal edges. Also, while IT might on some level be a "cosmic horror," unlike Cthulhu and other Lovecraftian beings, IT is far from indifferent. IT's instead very interested and involved in cultivating Derry as ITs feeding ground. And IT will take actions to... incentivize the behavior that IT believes is useful to IT. We see that right toward the end as IT attempt to bargain with the Losers to get them to trade Bill's life for their own safety. IT probably would have kept that bargain, as well, knowing that moment of weakness and cowardice would poison their lives from that point forward and help make them into "good" citizens of Derry.
I think we need to clarify whether we are talking about the film or book. I cannot speak with any great knowledge on the film's mythology yet because only so much has been shown. In regards to the book, I think it is pretty clear that while It maintains its personal killing ground, the personal damnation and corruption of the people in isn't really of much interest to it. They are food. They are toys. It really has no fear of them, nor any real reason to manipulate them beyond immediate gratification. It clearly can ride some weak, bad people as dogsbodies. It clearly has the power to manipulate if it wants to do so, or even cloud the perceptions of an entire town. The key thing is that in the books, it only does such things when you get its attention. We are out of sight, out of mind, almost immediately to such an entity. It is LAZY. I've said this before and I will say it again a thousand times over. The creature that dwelt under Derry won't even chase a child beyond a certain distance without losing interest. Any kid that slips its clutches could be relentlessly tracked and killed with zero chance of escape. The powers at the creatures fingertips are vast. In theory it could force certain, bad folks to bring their children to the canal and toss them into its waiting arms. It doesn't though. It falls to us to puzzle out the creature's limitations from what it doesn't do based on the obvious motivations of what it can do. Do you see where I'm going with this?
The film's alternate mythology isn't clear yet. Thus, we can only theorize using the book, or until the sequel gives us more to go on in regards to the newest film incarnation of Pennywise. Going by the book, we know the monster is a cosmic entity. It does, in fact, believe itself to be only one of two such beings. It believes only the turtle to be in its own class so to speak. We get a look directly into the monster's mind. You don't get a clearer window to motivation and belief. The monster has lived its entire lifetime eating and sleeping and sound in its immortality and that people are food. The Losers strike it as something new. In short, the creature is so vast that people are ants to it. It assigns no significance to one over the other. It may "seem" personal and involved because its method of "cooking" dinner involves fear, but those details aren't really important to the monster. The notion that such an entity spends its time sweating the little things is kind of counter intuitive. It isn't involved in personal damnation or corruption. We see the odd cruelty, certainly. It enjoys scaring people or simply being mean for mean's sake. We see ample evidence of this when it pretends to be a dead daughter down in the pipes for an old gas station attendant. It wasn't hunting. It wasn't trying to seduce. It was just having fun.
I agree that the creature clearly sustains Derry as a town to make sure people remain there. I agree that the creature, if you get its attention or it has a reason, meddles in events. But by in large, such things are far beneath it. It is apathetic to whether or not a person is good or bad. People are food and it will eat a Hockstetter with the same motivation as a Hanlon. I want to point out that Patrick Hockstetter worshiped death. He even had his own little alter in the junkyard, his killing fridge. Do you know how easy it would have been for the monster to seduce or corrupt Patrick Hockstetter into bringing It treats, doing its bidding, and all that jazz? The monster doesn't do that because it could care less. Good or bad, people are just food and playthings. It uses them when its attention is drawn, but for the most part gives us no more real attention than I do ants I walk past or over.