It's hard to put a finger on why it's so bad. It sounds like the child characters are voiced by adults, and badly. Everyone speaks so fast and over each other. The music is inane. The narrator repeats what has just happened or been said already. Characters flop all about the scene like they are all hyperactive. I imagine it was produced for a fraction of the budget of the original series, and it's pretty evident.
The original peppa series is not without flaws. However, there's a chasm between that show and this. At least it is relatively calm, has actually decent humour in some parts. I'd be sad if someone's only experience of peppa was this version and it put them off (and wouldn't be surprised if it did)