I think it has potential to be a very good second-tier European competition, but currently, it has too many flaws.
They only recently put CL qualification as the ultimate prize (from 2016 I believe). Prior to that, there was no real incentive for a bigger club to win it. There's not enough money for progressing to each round. I could be wrong, but I think getting to the Last 16/QFs of the CL gets you more income than winning the entire Europa League.
I also don't think it's fair that teams who finish 3rd in the CL group stages get to drop down into it. They had their opportunity, why should they get a second bite of the cherry?
From a personal point of view, I hate playing random teams from Azerbaijan, Belarus, Kazakhstan and wherever else in the group stages. The journeys are long, it is hard to get up for it because the level of opposition are poor and you play at weird kick-off times. On top of that, I hate the constant Thursday & Sunday schedule. It's not enjoyable and, if our rivals play beforehand, there's added pressure on us to win games having known the results of the previous day(s).
Some of those things I've said can't be helped, however, I just can't shake this feeling of it being a pile of rubbish at the moment.
God knows how **** this third-tier European competition is going to be when UEFA roll it out from 2021.