I think this could work better as a film or at max, 2 seasons, wrapping up then.

The first season is mostly worth watching because of the different take on superhero fiction, good casting, and there is an okay balance between light hearted/humor and dark (though progressively too much of the latter as it goes on). There also is some sense of optimism like there is a chance this can all work out. And behind all of it is a critique of the current state of the US in terms of political and social divisions, power (corporate and government), exploitative historical events, etc.

It starts getting harder to watch towards the end of the first season and basically continues like that in the next season but even more disturbing, weird, hopeless, depressing, and more focus on Homelander while also feeling monotonous.

They just reveal a bit more of the story behind everything each episode to keep you watching while the same pattern plays out repeatedly: cat and mouse chase, extremely gruesome horror-film-esque scenes particularly with Supes, character conflicts within both the 7 and the Boys, reminding us the mostly bad characters have sympathetic flaws and the good characters have bad sides and some are closer to in between, and that the Vought corporation and its founders and leaders are really the main villain (like the Palpatine character in Star Wars), though their creations sometimes go outside the limitations they try to keep them within.

Some of the easy initial comic relief elements lose their effectiveness by the end of the first season. Yes, Homelander looks and sounds funny but by the end of the first season, that goofy side doesn't balance out the insane mass murderer, bully, stalker, and abuser aspiring for world power anymore. Same with A-Train and Stormfront. The comic relief of Deep's scenes gets old quickly, a lot of it is more like nightmare fuel and not funny.