I think what hurts this season the most is the villains aren't as good as the first season's. Queen Beryl and her minions were a strong rogue's gallery. Ail and An were pretty good for anti-villains and the sisters of the Black Moon Clan were interesting as a unit, but individually they were weak and didn't come off as a threat. Rubeus and the second wave of the Black Moon Clan were also pretty meh. Chibiusa gave Usagi an interesting arc and Usagi at the end of the season feels different from the beginning, whereas the first season was very static.