Australia entered the tournament among the favourites in the wake of a comfortable series victory over South Africa, but were knocked out when Pakistan beat hosts Bangladesh. (Agencies)
Any thought of saving face was quickly extinguished as they crashed out for 86 when chasing a modest victory target of 160, prompting coach Darren Lehmann to storm off during their batting effort.
"I'd go so far as to say it's the most disappointing game that I've led from this team, for three years," Bailey told reporters in Mirpur.
"I'm disappointed for the team. I'm disappointed with the way we batted. But I'm not embarrassed for anyone, apart from myself,” Bailey said.
"If I was embarrassed I'd say it is with my own performance," he said.
Prior to the match, Lehmann said he felt three of his more senior players in Shane Watson, David Warner and Brad Haddin had failed to fire when needed.
Watson's horror run continued on Sunday when he was bowled for one, giving him a total of just seven runs in three innings.
Warner, who scored 19 off 21 balls, also threw his wicket away when Australia needed him to buckle down.
The lefthander top-edged a sweep off Ravi Ashwin and was caught in the deep after he and Glenn Maxwell had combined for a promising 23-run partnership, which left Australia 44 for four in the eighth over. The team capitulated from there.
Australia entered the tournament among the favourites in the wake of a comfortable series victory over South Africa, but were knocked out when Pakistan beat hosts Bangladesh.