It's just a very badly produced B grade reality tv game show, that happens to have the theme of a popular Netflix show. There are plenty of better game and reality shows around if that's your thing.
It's just one of those conceptual misses that Netflix does from time to time where they take a popular franchise and try to quickly cash in with a trash TV westernized version and completely missing the point of it's appeal.
Sad because a game show version of Squid Game that did understand the appeal of the original could actually have been pretty good.
Critics of the critics of this show like to point out that it's not season 2 it's a game show. We (well some of us) do understand that, but the point is it's a really bad game show.