It's not Wheel of Time levels of trash, but it is quite bad.
Let's start with the worst - the Harfoot/Stoor/proto-Gandalf story line doesn't need to be in this show at all. I get that there were hobbits in Lord of the Rings. But this show doesn't need them. This is the time of Elves and Men and Dwarves. And there is plenty of storyline just focusing on them. This is also not the time for the Istari and we don't need proto-Gandalf (though really hoping it's a Blue Wizard).
Second worst - if you are going to change things around, make it make sense. There should be no Witch King yet. The nine rings given to men haven't even been forged yet. Why is there so much repetition from the LOTR movies. Though the Elven rings were finished last and Sauron didn't know about them based on Tolkien's writings about them.
Third Worst - these producers clearly have no idea who Tom Bombadil is. Also not necessary to the story.
This show is beautiful and I still watch it for its beauty. But the story could be significantly tightened with a much more narrow focus.
There is so much that they can do with the Second Age that they won't get to do if they continue to focus too much on the not-Hobbits.