Some interesting points here.

Cobra Kai ought to have been self-indulgent fan fiction nonsense, but it is surprisingly well-written, featuring decent, nuanced performances. As a deepening of the original film and its themes, it really works. I love the way it satirises both Generation X and Generation Z, but with the interests of both generations at heart. I also like the way it continues the spiritual metaphors of the original, with Kreese essentially as the Devil, battling for Johnny's soul, and the souls of others who come under his sway.