The original idea for The Hobbit was to make two movies. Then Hollywood executives got involved and the third movie was invented. With it came the need to invent new stuff to fill all the extra time, and most of it is garbage.
If you trim it back down to two movies, there is enough content to make a good pair of movies. Instead, what we got was Peter Jackson's attempt to make The Lord Of The Rings II, occasionally featuring a hobbit.