Even if the show turns out to be hot garbage I see no harm in giving it a chance.
A lot of the criticisms i've seen online - that aren't just thinly veiled misogyny or racism - have mostly been about things not being true to the text.... despite many of the elements they are complaining about - warrior Galadriel, Wizards in the 2nd Age, Hobbits in the 2nd Age, "Politician" Elrond, etc actually DO have textual foundations. Galadriel is explicitly a rebel, warrior and very angry when she first comes to Middle Earth, in the Peoples of Middle Earth Tolkien changed the arrival of the Istari from the Third Age to the Second Age around the time Sauron's power is rising, Elrond as the herald of the High King Gil-Galad is absolutely a politician - herald is an important and prestigious post.
The Tolkien lore, like real life mythology, is sprawling, exists in fragments, conveys information in both what is said and in what is not said, and at times directly contradicts itself as it is edited, changed, retconned, and rewritten. There is no single pristine canon that flawlessly characterises and relates every detail of Tolkien's universe from its creation to its end - there are vast swathes of time skipped, or left relatively obscure outside of the most important events - such as much of the Second Age.
People need to let the nerd rage go for once, worst case scenario you are proven right the show is terrible, Amazon wastes a billion dollars and Tolkien's work remains the pillar of fantasy it will always be.
Best case its an epic series that takes creative licenses (Just like the LOTR films which made MANY changes) but produces something beautiful, that awakens a new generation to Tolkien's world and is something worthy of longevity... and Tolkien's work remains the pillar of fantasy it will always be.
Most likely scenario - its just okay with some stunning visuals and a few breakout performances. At the very least it will give us a chance to see events in live-action we have never seen before such as The Two Trees, Numenor, and the First Kinslaying/Aftermath of the War of Wrath/Dagor Bragalach/whatever Galadriel's vision is. That alone might be worth the price of entry.
You have nothing to lose by giving this a chance.