It's not that it lacked quality, but that it felt as if the entire film could've been named something different, a few names changed and be it's own IP. Instead, Del Toro used the Pinocchio name and concept as a crutch, where he's shown in the past he has the talent to take old tales and completely make them his own e.g. The Shape of Water. If it had been named something different with his own characters, this could've been something truly fantastic and could've been the jumpstart to a whole franchise. But instead it was named and based upon a classic character and story which if one is wanting to see such a tale, there are honestly better versions of said tale to watch