Believe it or not, the show is popular among the behavioral finance set. Here's a paper that was recently profiled in the WSJ...
Link to paperThe basic thrust of the research is that the show illustrates irrational decision-making in a financial/investing context. This, behavioral wonks believe, helps to explain some of the 'anomalies' that persist in markets, be they consumer, financial, or otherwise.
And, yeah, the show is painfully stupid.