Just finished watching The Falcon and Winter Soldier, and I'm honestly surprised by how good it is. While it's not as unique and groundbreaking as WandaVision, it makes up for it with excellent character development: Falcon (who was largely just a sidekick in the movies), Winter Soldier (who was largely just a plot device in the movies), and even the villainous Baron Zemo are fully fleshed out and depicted as well-rounded characters in their own right. The show also deals with sociopolitical themes better than any other MCU film or series to date. (SPOILERS AHEAD, though I've tried to keep them light and avoid major twists or reveals)
In the Marvel Cinematic Universe, the world's borders opened after Thanos' Snap in Infinity War. Since half the world's population was gone, people were happy to welcome immigrants to help rebuild their countries. But once the Snap was reversed in Endgame and all the people who disappeared came back, borders started to be enforced again, and migrants started getting kicked out of the countries they'd moved to. This is both excellent world-building (as opposed to the recent Spider-Man movie, which just acted like everything was totally back to normal despite the fact that more than 3.5 billion people suddenly disappeared and then returned 5 years later), and a great metaphor for the various refugee and migrant crises happening right now in the real world.
The Flag Smashers, who use terrorism in an attempt to re-open the world's borders, are portrayed as very sympathetic antagonists. They're even shown genuinely helping impoverished refugees, at least when they're not blowing up government warehouses and trying to kidnap or assassinate politicians. They're arguably not the true villains of the story either, as the mysterious "Power Broker" - who exacerbates the conflict and takes advantage of both sides for purely selfish reasons - is shown to be the greater-scope threat. And ultimately, the show takes a very firm stance in favor of open borders, with the lead character delivering a rousing speech to the world's political leaders about how they have an obligation to help ALL of humanity, not just their own citizens.
There's also a major subplot that addresses racism in the U.S., examines the implications of what it means to be both Black and a patriotic American, and confronts some of the ugliest parts of U.S history. Specifically, it delves into the backstory of the "Black Captain America," Isaiah Bradley, who was unlawfully imprisoned and experimented on by the U.S. government. (The character's story was inspired by the real life practice of cruel and unethical medical experimentation on unwilling African-Americans in the early-to-mid 20th century. This was explicitly confirmed by his creator, the late Afro-Latino comic book writer Robert Morales.)
The show tackles other political issues as well: There's a smaller subplot about Falcon's relatives that deals with socioeconomic issues, highlighting the struggle faced by small business owners and once-middle-class families who are slipping into poverty as a result of worsening economic conditions and unsympathetic financial institutions. (Between that and the flight suit, Falcon almost comes across as a heroic parallel to the MCU version of Vulture.)
Winter Soldier's character arc shows the difficulties faced by veterans dealing with PTSD, as well as the more mundane challenges of re-acclimating to civilian life. The story of the new Captain America, the jingoistic and ruthless anti-hero John Walker, emphasizes the dark side of American military culture. And one character raises an interesting (and quite frankly, genre-defying!) point about whether putting supposed heroes on a pedestal and treating them as superior beings is inherently fascistic. Granted, he's implied to be wrong about that, but just the fact that the show addresses the point in the first place and leaves the question open-ended is impressive.
The show isn't perfect by any means. The finale seemed rushed, with a weak climax and several plot threads left hanging. A few side characters seemed entirely superfluous, and the conclusion to John Walker's story arc felt forced. It probably should've been longer than just 6 episodes, and felt overly compressed by the end. Still, I'd say it's worth watching, and definitely gets points for being a lot more complex and compelling than the straightforward superhero action show it was marketed as.