My major issue with The Rings of Power (including the second season, which admittedly was better) is that in strip mining Tolkien's fake history, they forget why The Hobbit and The Lord of the Rings worked so well. Each had a clear, simple premise, around which the larger histories and subplots revolved - find-dragon-treasure and destroy-evil-ring, respectively. Without that clear through-line, The Rings of Power falters as storytelling.

More of my thoughts here, if you're interested. :)

The Rings of Power Series One: The Dillon Empire Verdict | Fanfare