Stupid pub has a point (5)
I believe the answer is:
inane
'stupid' is the definition.
(I've seen this in another clue)
'pub has a point' is the wordplay.
'pub' becomes 'inn' (an inn is a type of pub).
'has' means one lot of letters goes inside another.
'point' becomes 'E' (compass point).
'inn' going around 'a' is 'inan'.
'inan'+'e'='INANE'
(Other definitions for inane that I've seen before include "Foolish, fatuous" , "Empty" , "Mindlessly silly" , "Without meaning or point" , "Lacking meaning" .)