I wanted to hear Wakamoto Norio in a new anime and see Jack'O pose. Half of my wants were fulfilled.
With that out of the way, I had a very basic (at most) knowledge of the lore before watching this. I did feel overwhelmed by name dropping and the short bits of lore shared by the narrator helped me to at least be able to enjoy this show.
In the end of it, it's a "by the power of minna" anime, inspired by a fighting game. Curb your expectations and enjoy it for what it is. It's not bad, if you ask me.