So it means "there is no explanation for the bad taste"?
[not a teacher]
taste:
7a : critical judgment, discernment, or appreciation b : manner or aesthetic quality indicative of such discernment or appreciation -
source
The phrase, including the "no", is very common in AmE, and is sometimes a mild insult.
Example:
1: I love this song!
2: Well, there's no accounting for bad taste. ;-)
1: Hey! I thought you liked it.
2: No, it's too "dancy".
1: You're right. There
is no accounting for bad taste.