The thing about these urban legends is that they have a way of becoming true. As you say, when the kids who heard about them on the school bus started writing the comics, they did integrate these legends into the mythos that is Moon Knight, so he ultimately did become a crackpot, and did end up serving an Egyptian god (who is also, as it turns out, a crackpot).

I was also neither over-nor-under-whelmed by episode 1. I was just 'whelmed.'. I'm pretty sure it'll pick up as the series progresses.