According to my understanding (based on my reading of Wikipedia and my, admittedly, very limited knowledge of Korean history of that period), Gwanghae simply didn't have the support of the majority of court nobles (and bureaucrats). I don't why know exactly, but they made a big deal out of him not being (1) the eldest son of the late king, and (2) the son of the queen. (But these seem to be mere excuses, and that the real reason behind their rejection of Gwanghae had something to do with factional politics.) Since they eventually succeeded in dethroning Gwanghae, and bearing in mind that history is written by winners, it's not surprising that they would make him look bad.
I honestly don't know if he's a "sage king" or not, but he's clearly fitter to rule than his successor, the weakling Injo!