I really don't think it's as bad as everyone is making it out to be, but it does lack a lot of the charm the original had. I don't entirely hate the concept of modern commentary and they definitely could do interesting things with it, but I think they're leaning too hard into it here. I'm sorry but I don't think there's any show out there that can reference TikTok without making me feel put off. The use of modern terms is also a bit overabundant for my liking, and even confused at points. You do get the tightly-written comedy of Phil and Chris here, but the rapid fire delivery gets overwhelming at times.
Aside from the narrative direction, there's also the elephant in the room -- the character design. The only new characters that actually look like the historical figure they're supposed to represent is Frida and Columbus, and at least you could tell what their characters are like upon first glance. The others feel noticeably flat and rely heavily on the voices and script. Most of them already appeared in the original show, I don't understand why they couldn't have just used them as references. As the show went on I got more used to them though and they definitely grew on me.
Overall, I can't lie, it's been a fun watch so far. It's not exactly like the original show, but I didn't really expect it to be. The only thing it really needs to do for me is slow down the pacing, dial back the modern elements a bit, and flesh out its new characters more. It's far from a misstep, but it does need some time to gain its footing.