I don't think anyone here is comparing them to the movies or expecting them to be Peter Jackson (ALTHOUGH -- they specifically took elements of the film and thus invite comparison. Like, they could have redone the Balrog design, but nope -- they just ripped it off Jackson.)
At least the visual and audial elements are decent.
I've read The Lord of the Rings and the Hobbit a number of times, as well as The Silmarillion (my parents got it for me when I was in fifth grade, I still have my copy), and I own a ton of Christopher Tolkien's assorted books annotating his father's notes. This show is totally and blatantly fan fiction that is superficially using Tolkien as an audience draw. it could have still been something even with that happening, but the writing itself is inane even when it has an occasional heartfelt moment -- the best moments don't fit into the bigger arcs of the writing, it's all a confusing mess on what it's trying to accomplish. A lot of the time, when there are interesting choices to be made, the one chosen scans as odd.
I do find it enjoyable as humor, although I know it wasn't meant that way. It is easily better than MTV's steamy bastardization of Terry Brook's "Shannara" material, where the first book was a total ripoff of Tolkien ("The Sword of Shannara") but at least became its own thing quickly. In that vein, at least it's in good company. There are a ton of book series that just did not make the conversion to screen -- Earthsea, Shannara, Percy Jackson, even Wheel of Time, etc., all kind of failed. I think Harry Potter is the biggest franchise that actually composed itself well on the screen and was fairly decent, even if book readers often liked the books better.