As adults, we just don't appreciate shows like this. When we see our children enjoying and ask ourselves, "What do they find so amusing?" it is because you are not seeing it through the eyes of a child.
My son loves the show and will not let me turn off the television if this program is on. He falls asleep to it and frankly, I find myself staring at all the sights and sounds. It is not for us to argue whether it is a good show or not, as long as the children are enjoying it.