I think this is mostly how I feel.
Its okay generic fantasy, but it just feels kind of bland. We sort of feel like we're shoved partway into a plot with Galadriel, and everyone else is just on random side quests. Even game of thrones had a single starting event which everything spiraled out from, this just has things that are happening.
The Elves look particularly underwhelming. Their hair all looks way too normal. Though I do like how they delve more into their unique viewpoint and nature in a way the other films never got in to.
I feel like parts of the show expect you to have book knowledge to understand whats going on though, which is weird due to how much it also deviates. I feel like we'd have been better off either focused on a harfoot, human, or like Galadrial's child she's supposed to have, to ease us into the setting.