Much like most of Ryan Murphy's productions, this show starts off with colorful characters and an intriguing plot line... only to completely disappoint by the second episode.
By the third one, "The Watchers" is kinda... brain dead. It's not interesting, it's not scary, the characters have basically turned into two-dimensional caricatures of themselves. It's like someone told a bunch of preschoolers to write a scary story about a family in a big house and the kids ran out of ideas after 10 minutes.
Murphy's shows all have one thing in common: they SEEM interesting, they FEEL interesting, but in the end, they're all just incredibly boring fluff pieces aspiring to be something way, way smarter than they are (2019's "The Politician" was a notable exception to that).
Such a disappointment, but not really, given Netflix's recent run of, ekhm, sub-par productions.
I wish someone had told me to skip it.