I like the idea of having lore behind the show that you can use to headcanon your own shit (puma's Aztec lineage allows him to no sell just about anything and always come on top).
The wrestling itself I really enjoy because LU never takes a commercial break DURING the matches like what might happen on raw. Bringing up smaller names like pentagon and puma was a great decision [considering they could have just had the AAA main eventers come around and run the show]. The booking in a show about a fake wrestling promotion is better than the booking in just about any actual promotion.
Lucha Underground just needs to get better at monetizing itself. They have a few t-shirts and thats about it. I've heard they're doing a few live events in the summer but i wouldn't count on that buying them a fourth season. They dont even have DVDs of the first season out.
This can be proper competition for WWE in 3 years if they keep with this sort of quality.