First things First, Invincible is not a rip off of The Boyz. Invincible first appearance was in 2002 and in 2003 he starred in his own title comic. The Boyz started publication on 2006. I'll say that Invincible is a new take / revision of The Watchmen.
Now as for the series, it is perfect? No, but man it is super entertaining.
My kudos goes to the voice actors specially J.K. Simmons, his voice can be fatherly warming and the same time menacing without missing a beat.
Clancy Brown (Lex Luthor voice in the Superman Animated series) as the voice of Damien Darkblood is a match made in heaven of in this case hell.
As for animation is nothing special but very effective when it needs to be, with very fast paced fight and slow moments that let the character grow.
For the story it is a satirical / very bloody take on our presumed knowledge of the superhero world. This series have so many greys that there are character that are impossible to pin in your typical good/bad character bio. This is even worse when taken into account the involvement of the Government into the equation witch we all know nothing good comes out when Big Brother is involved.
Characters, yes is easy to identify your "Batman's", "Wonder Woman's", "Superman's" rip-off, but that is what make it more enjoyable for me, I don't need to know the origins story of each character since I can tell the possible inspiration for each one like Monster Girl (Hulk,She-Hulk with a magic twist), but then these character have a present and forward history that is way more important to tell and give weight to the overall story.
last, Invincible aka Mark Grayson is an a very interesting position, with a "normal" mother and an alien father who happens to be the most powerful being on Earth he have to balance his relation with his parents and his teen/adult life like work, dating, friends, school bullys, etc. which is very reminiscent of Peter Parker early stories.
So yes is not necessarily new stuff, but is the way is all put together that makes it very very enjoyable