I was recently on a flight and tried watching a movie Hollywood and critics were gushing about - Birdman. Un. Freaking. Watchable.
Here's the problem: the movie requires the mindset of someone actually living in New York City for many years to really get the gist of the film, which means most Americans don't understand it. It's like the TV series 30 Rock--unless you know something about how NBC works in New York City, the gist of the series is lost to most viewers.
I didn’t think it was a waste, but like you, I rolled my eyes as the self important Hollywood types!