I mean few people expected the first 2 episodes/premiere to be bad, it is more a question of the fall off from there.
IIRC there was a ~30% dropoff from episode 1 to 2, I would not be surprised if we are already sub 30% premiere numbers (with the finale bumping back up a bit) considering episode 5 was basically a repeat of 4(orcs about to invade tower, still about to invade. Galadriel about to leave Numenor, still about to leave, etc). The show has been even the most ardent defender divisive in nature, and slow paced as well.