I find it to be an ok reality tv show that is disconnected from reality enough to be entertaining, but with hints of real life poking through.
How many of us have known someone who had an idea for a startup, but can't do an elevator pitch? Or known a self-promoter with a bunch of shallow relationships, but styles themselves as a serious networker? Or someone who when they make a little money, blows it on fancy toys and cars? Or someone who thinks pitching is just a formality to getting money?
These are real archetypes. They exist. I've met plenty of them. Sometimes, against all odds, they are even successful.