The key problem with The Hobbit; Peter Jackson is more concerned establishing his legacy rather than telling a cogent story.

I've been out of commission for a few days because of the plague, so I didn't get around to writing a response, but this article on Christopher Tolkien mirrors many of my feelings on the matter: worldcrunch.com

"The chasm between the beauty and seriousness of the work, and what it has become, has overwhelmed me. The commercialization has reduced the aesthetic and philosophical impact of the creation to nothing."