I binged watched it last weekend and liked it a lot. There's a He-Man cameo in episode 2! I'd read that it was an homage to ET and the Goonies, and it is, but it also has more horror ingredients than either of those two. The danger is serious and real, and we see some deaths. I saw influences from Poltergeist and John Carpenter's The Thing (which gets several cameos). Maybe there's some of the George Miller segment of Twilight Zone the Movie as well. It somewhat resembles the movie Super8, but it didn't have as sentimental an ending.
I loved the kids they cast in this, particularly Dustin with his missing teeth lisp. I also liked Winona Ryder as well. It felt like the right pacing, 8 episodes was just enough to sustain the mystery. I hope they make more seasons, but especially I hope that can maintain the tone.