I watched this show, and it was better than I thought. Less goofy/boring. I'll start with the goofy moments:
Yeah that's what we mean, it could be great as its own thing, with original characters, or even as a bit of a spoof/parody hell even if you just set it in generic fantasy land from old school D&D games before they got big enough to have an official setting, but even if you set it in forgotten realms at some point in the history, you have a fun wire fu fantasy romp with comedy and some sexy thrown in for good measure. But for a Tolkien joint, like Totenkindly said, its just a sad bastardization that doesnt respect the source material, or the fans, or the audience enough to give them Tolkien.
Originality used to be the thing that got your work published or made into a movie or show. It could be as close to anything else as you wanted to make it, but it still had to be unique from what already existed or else why waste money to publish what everyone else is already doing or did better? Now the mentality seems to be, slop out content, rake in profit because everyone is just so desperate for escapism they'll take what we feed them and love it. But of course it doesnt really work that way, in practice, much to many a show runner's chagrin.
I'll never watch RoP and think. Wow, its so cool to see what happened in Middle Earth during the second age. I can only see it as, wow, look at these 5e nerds trying to play a railroad campaign when the dm planned for a sand box. Every peaceful encounter the DM tries to put out there, his players keep trying to murder hobo for truth light and justice, ignoring every dungeon in the wilderness, unless theres some meta connection to the BBEG that the characters dont know about, but the players do, and even though "no one is meta gaming, technically" everyone is totally meta gaming. The "player logic" is why the characters act out so much, and rather than actually role playing the combat, they keep saying miss and hit, while the dm tries to keep emersion going by narrating nat 20's and critical misses, but not going into too much or even accurate detail, because combat is a slog, and the players want to level up, and when can we start having magical items? Meanwhile, the dm is still waiting for the 16 page backstory's that some of the characters swear they have written and thats why they can do this that and the other at level 1, and do I get a point of inspiration for that? *sigh* yes, you can roll to seduce. No, you can't cast haste on yourself and get a swimming speed because you can kick your legs really fast. ...a five foot cone, is gonna have different area of effect than a 5 ft cube. And so on and on, and dispite all of the silly and the suck and the slog, you have a fun time, with a fun game, but you could never get it published as a LOTR book. Rings of Power is that but a show. And it did get made. But it still is what it is, and never will be what it wants to be.