The shows gets by on the strength of the acting, which is equal to GOT. Obviously their budget is much smaller so they use it cleverly, small but authentic sets that they reuse a lot, minimal CGI, more realistic interactions, etc. They know their strengths and they focus on them. It's also rare for the primary protagonist, Ragnar, to be the best character and best actor.
Also the fairly accurate historical setting and sequence of events elevates the show.