It's not bad, and the first episode has a fun "Kid hijacks a giant robot" moment that so many of these shows start with. There is a weird quality to it, being split between a modern Gundam update for a new audience and being a meticulous AU "bad ending" for the original series with a heavy dose of decades-old lore.
Here's hoping that going forward, the main story doesn't get swallowed up by constant winking references. It's gonna happen to some degree, but it would make the new narrative feel undercooked in the long run if they keep asking us to be nostalgic for another show.