It's set in the future, but not a Utopian future, nor a post-Armageddon future. It's a bizarre, twisted future. Certain sci-fi concepts are taken to weird extremes, other things are pretty much like present day. It helps to think of the whole thing as a satire, which it is, but somehow it has a real message to it. Meanwhile, every character is a caricature.
You know what? It's not for everyone, and explaining it probably doesn't do any good. A lot of people really love it, including me. Some don't. Chris Tucker is pretty damned annoying, I'll give you that. After a couple of times, though, I've actually gotten to where I can half tune him out, and laugh at him the rest of the time.