First off: it's got a laugh track. I think that's enough to explain how funny this show is - they have to tell you when to laugh to get anyone to laugh.
The references are to current media but they have basically nothing to say about them. MasterChef - someone cooks with things that aren't food. Amazing Race - but they go to Canberra. So they just frame these really vague jokes as being critiques of specific shows, when it's really just "rich and hot people in shows are over the top" but prefaced as "THIS IS A PARODY OF LOVE ISLAND", even though it is the most tame and vague thing that any show could have it said about it.
It's a skit show based on the parody of other shows. But it makes jokes about bin problems with neighbours, but puts it in a fantasy setting saying it is a parody of HOTD when it just...isn't? It's just surface level observations, or "wouldn't it be funny if this happened in the show, like if an OHS worker went to Squid Game or a killer admitted to a crime on a question asking show." No. It isn't funny.
If I have to give it anything, the performers are trying. If they had actually funny things to say then it might be better. The only funny moments I can think of are all due to the actors. But they really have nothing to do with the show. And, even if they do have a funny joke, they ruin it by driving it into the ground. The jous joke was funny...until everyone just started screaming and freaking out.
The actors try hard and some jokes are almost funny, but the poor writing and focus on making jokes last as long as they can until someone laughs is just painful. It's a show that doesn't justify its existence, and only seems to to be something for a bunch of old people who don't like current media to gather around and laugh at all these observations and exaggerations. It's not funny, but it's 'criticism', and that makes some people laugh.
