A lattice of locally bistable driven-dissipative cavity polaritons is found theoretically to effectively simulate the Ising model, also enabling an effective transverse field. We benchmark the system performance for spin glass problems, and study the scaling of the ground state energy deviation and success probability as a function of system size. As particular examples we consider NP-hard problems embedded in the Ising model, namely graph partitioning and the knapsack problem. We find that locally bistable polariton networks act as classical simulators for solving optimization problems, which can potentially present an improvement within the exponential complexity class.