Yeah, basically UEFA is getting inspired by Super League with this new format. But, the good thing is that no Champions League teams dropped to Europa after failing in the group stages. It means the competition in Europa league won't be diluted by the Champion leagues team.
The good news for the teams competing there will be much more excited to reach the end of the trophy because it is not overshadowed by teams that do not qualify for the group stage. This format also benefits the teams competing there so they can focus on facing teams that qualify from the beginning because we know that teams that do not qualify in the Champions League group stage are also strong.
It makes the Europa League more prestigious than last year. CL teams have no chance to get revival on Europa League after getting knocked out from the CL. And i'd be more excited for this.
There may be less spectators in the competition below UCL due to the new format, but i have no problem with it. I know UEFA <3 money.
Thus the Europa League will be much more interesting and the teams competing there will be much more confident in the title fight. For those who do not qualify in the Champions League group stage, they will have the opportunity to prepare themselves in their respective Leagues so that the competition will be much more independent by relying on this format.
I think the audience problem will not be affected so much even though there is a slight decrease from before because football has become a favorite sport in most countries so people will still watch on the field or on other social media.