I tend to agree with you on this after having watched the first two episodes, but I'm keeping an open mind (I'm still keen to see what happens, so it hasn't lost me just yet).
The show just seems like this really weird combination where on the one hand it tries to be ultra-realistic (hey look here's a TED talk; here's something else mentioned in the netsphere! <insert other random SV/HN/tech cultural reference/buzzwords just because>) but then you have that stupid premise about the company inventing some kind of magically-impossible compression algorithm. Plus I think it was far too quick to show it's cards; BIG COMPANY vs LITTLE COMPANY?!?! REALLY WHO WOULD HAVE THOUGHT THAT?!?!
Maybe I don't get the humor either but I can't decide whether the show is actually trying to be a comedy or a drama. It definitely seems much more like a drama to me. I remember genuinely laughing more at parts of 'Pirates of Silicon Valley'.