I like the show for what it is and think it's entertaining, but there are a lot of weak elements to it for me. I really don't care about the MM character and whatever is going on with him. His story is just not compelling to me in the slightest. And the same goes for Frenchie, really. At the beginning of the show when they were all together as a gang, I thought it worked really well and they had good chemistry, but since they've branched off slightly and now have their own story arcs, I think it's to the detriment of the show.
These characters are not compelling enough to have their own side stories, IMO. I do like the introduction of the Soldier Boy character, though, and think Jensen Ackles does a great job. But this show is still very much the Homelander show.
EDIT: Oh, and Giancarlo Esposito's character is very good. I do enjoy him.