Neither, really. I use it to mean "more than expected". Like, if my kids insist I watch a cartoon with them, and I enjoy it, i'd say it's "pretty good". Or if a coworker said something awful about a customer, I might say the comment was "pretty mean".
I'm British
Therefore it ranges from "utter fucking shite but I'll say it a different way" to "moderately utter bollocks but bearable" right up to "yeah it's alright"
Good
Pretty good
Really/Very good
Extremely good
Great
Pretty great
Really/very great
Extremely great
Awesome
...
Not necessarily worse, but more ambiguous than if I say something is good.
I learned about it the other day. Apparently native English speakers know than non native use it in a more positive way then they do
Worse. Sometimes just a little worse than good, sometimes it's medium or negative but you're just trying to be nice. "How did you like the liver and onions I cooked for you?". "It was pretty good."