Squid Game is like the BTS of K-Dramas - very good, definitely up there in the top league but not really justified to be so much more hyped than others.

Sometimes we can't really explain why a piece of pop culture gets such attention from the masses - probably a mix of good timing and sheer luck. Because objectively, there isn't really any novelty about Squid Game. Don't get me wrong, it's a good drama. But the plot isn't all that shocking and surprising, if you've seen works like "The Hunger Games" and "Alice in Borderland". The cinematography is good but doesn't stand out like it does in other popular dramas, such as "Goblin", "Crash-landing on you" and "Kingdom". The OST is forgettable - the only songs I remember are classical music pieces and not original compositions. The acting is great, but again, not any more outstanding than in other dramas.
But let's look into it in some more detail.

Plot
The story is exciting, no doubt. It is fast-paced for the most part and when it slows down, we are given background stories that help us understand and sympathize with the characters. The pacing is generally done well. I have seen many people talk about how shocking this show was, but maybe I have seen too many violent movies and series, but nothing about Squid Game really shocked me - except maybe the sex scene, which was more risque than in your usual K-Drama.

Acting
The cast did an amazing job bringing these characters to life. To be fair, Jung Ho Yeon did not have to show that much range, since her character usually wore the same closed-off expression. But I'm sure she will further impress us in future roles. My favorite discovery from Squid Game was Anupam Tripathi. His Ali was simply adorable and pretty much everyone's favorite character. I also really enjoyed Kim Joo Ryeong's performance. She really knows how to do crazy.

Writing
I really liked the villains. There are the obvious villains but there are also one or two that will take you a bit longer to spot.

What I liked least about the drama though, were the "VIP"s. First of all, I know we all like to fall back on stereotypes. And God knows there is plenty of Western media with Asian characters being stereotypical caricatures. But did they really have to paint the only white characters as brainless, sex-crazed geezers? (Not to mention they even pulled out the predatory gay trope.) Don't even get me started on how abysmally bad these American actors were. This being a Netflix production, did they really not have the means to fly in some decent actors who won't over-enunciate every single word?
The revelation of who these VIPs are was also quite underwhelming. I got excited when they were first mentioned. Who could it be? Politicians? Celebrities? Maybe even someone one of the characters would know? Surprise, it's just a bunch of depraved foreigners.
And then there's the issue that their extensive screentime seriously messed with the pace of the plot. During the last two episodes these foreign VIPs were constantly explaining and commenting on what was happening in the game, which took the thrill out of the otherwise high-paced plot and also raised all kinds of "show don't tell" red flags for me. The fact that they were such bad actors made the experience even more jarring.

In conclusion, it was a really good drama up until the last two episodes, where the VIPs kinda ruined it for me.