I found the movie very entertaining. It kept me on the edge of my seat, the characters were cool (many of whom I found unbearable at the start I came to like by the end of it), and the practical effects were great. Krampus was scary.
I do have a bit of an issue with stories where protagonists don't have any agency though. I mean, there was essentially nothing they could do, and nothing they did had any effect on the outcome. That's a problem with all-powerful monsters.
I was reading online discussions about it and somebody suggested that Krampus was wearing Santa's literal face, implying that Krampus killed and skinned Santa, and that was why he was punishing everyone and not just bad children; there was no one left to keep him in check. Apparently actual Krampus lore contradicts this but I found the idea compelling in the sense of making the story even more terrifying.