This show is TV channel time filler for when they have nothing better to show. The target demographic are little kids, who don't know any better. Seems harmless, at first.
My problem lays with the consequences of Eliots actions. Every time his overactive imagination results in serious damage, which is played out as insignificant, even though he gets close to burning houses down or killing himself and others. Now if this was a one time event you could see why his parents would shrug it off. But this tends to be the main plot devise: Eliot imagines some wacky adventure and then gets into trouble. You would think after a few of these his parents would at least have a proper talk with him, but they never do. At best he just gets sent to his room or something vague, without learning anything about what he has done.
Eliots adventures result in him bringing homeless strangers home, assaulting old people, ruining his moms political career and causing a disaster in the cities recycling plant, just to name a few.
And this show is for youngest impressionable kids who don't know better. What will they think of other than "let your imagination go wild regardless of what happens"? This show is horribly irresponsible for the sake of entertaining little kids. A disaster maker for any parent.