It's not bad, per se: but it's nothing to write home about, either.
I'm also only halfway through the season (which is telling in and of itself, considering how fast I binge-watched DD,JJ & LC previously) but already, I can say that this installment is easily the weakest of all Netflix's Marvel series so far.
Long story short:
Poor storytelling is POOR. The pace is atrocious, and there seem to be more plot-holes than actual plot. And don't even get me started on how annoying the lead character is; I feel no empathy with him, at all.
And I'm right there with you: I've also been wondering " WTF is the point of the Hand?!? " ever since they first popped up in Daredevil. None of the exposition regarding them thus far has made a lick of sense.
So far I only like Colleen Wing and Ward Meachum; and I think the latter is just because Tom Pelphrey unexpectedly stole my heart as a reformed Neo-Nazi turned cop in Banshee.