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I think that is the general consensus. The story wasn't strong enough to expand to 3 films. I found most of the action scenes started becoming tedious and too long by the third film. I haven't watched the extended versions, so I don't know if those improved the films any.

FWIW, I just purchased the Steelbook version on BestBuy that was Sold Out a few days ago. https://www.bestbuy.com/site/the-lord-of-the-rings-the-motion-picture-trilogy-steelbook-includes-digital-copy-4k-ultra-hd-blu-ray-only--best-buy/6420422.p?skuId=6420422

Boy, those Steelbook releases got snapped up faster than a roll of toilet paper in a pandemic. Not sure how many they plan to make, but it's not enough. Sigh.