Yes, it is pretty terrible. I agree with you about the budget. Considering the resources available to Amazon (and Bezos), the producers could've made the show comparable to GoT in production quality, but instead they made what I call "B-level" material. (I saw a recent podcast with Brandon Sanderson in which he said the show was excellent. After watching the first three episodes, I am compelled to question Brandon's judgment. But that probably explains why I never read any more that the first book in any of his series.)
Even though I agree with you that it is SHIT, I will keep watching. The reason is so that I can hate on it. Sometimes it just makes one feel better to belittle someone or something. It's petty and immature, but in this case, no harm is done to, so I have no qualms about doing so.
I do enjoy me some Sanderson when he's doing his own work, but to each his own. One does have to question either his taste level or his honesty if he thinks this show is anything remotely close to "excellent". Probably kissing ass hoping to get his own work picked up for a series or two.
I am not like y'all who want to watch things that are awful or that I hate. There is too much out there that I'd enjoy watching to instead waste time on that which I do not. But, to each his own. Enjoy the hate-watching!
-Samantha Jones, SatC