I like Cobra Kai for what it is - a sequel spoof off the first three Karate Kid films.
I like the films way better, particularly 1 and 2. They took things seriously, and it was good drama. Being a student of the martial arts myself since 1984, I see what's real and what's not. The movies were enjoyable.
Cobra Kai is enjoyable in a different way, for multiple audiences. I think Cobra Kai was brilliantly executed from a marketing aspect. The story pulls in people my age, and then pulls in teenagers. It has echoes of the past and the nostalgia, but then "real life" (take that with some salt) scenarios of today's kids. It's like their version of Beverly Hills 90210 to a degree. (Which I never watched more than a few episodes, but I remember it.)
I just find it brilliant that the writers and creative team were able to successfully combine things to make a show that has such mass appeal. And the martial arts part of me, as much as some things make me cringe - I'm happy it has marketed that as well. Win-win-win, as long as you don't take it so seriously.