What's wrong with it? I suppose, to me, it has zero relevance to my understanding of the overall state of European international football. In the past, when I sat down to watch Euro 84, I knew I was watching two of the best sides in Europe. Quality-wise, they were among the elite. Therefore, these matches mattered in terms of where the international game stood on the continent.
Today, 24 teams have qualified. Europe doesn't have 24 good teams. Sure, Finland and Denmark might have qualified if it were 8 or 16, but we don't know that because the qualifying tournament is essentially an open door for vaguely competent teams. And, let's be honest, you now need a degree in applied mathematics to understand the qualification format since they added in the Nations' League route.
I accept that a lot of people just like watching matches over a summer. UEFA know how to maximise that audience. But I've zero interest in putting myself through two hours of irrelevance. If Finland and Denmark progress to a quarter-final clash, I'll take an interest. But the new format is a cherry-picker's charter. And it really is an inferior one to what we have had before taken in the round. There's little jeopardy in the first phase. In truth, I suppose I should really just change my mindset and tell myself that a knockout tournament is actually the ideal format for excitement and hold back until the last 16 or last 8 before engaging. I just find the whole UEFA "football family festival" guff utterly bogus and think they've ruined what was a wonderful tournament. It'll probably make them more money, of course, but I think it comes at the cost of relevance and quality. Then again, perhaps these things are overrated now.