It's noir, in its way. And allegorical, most certainly. Characters have rich inner lives from which they call and respond to one another, and watching each season is mapping and reconciling the arc of each character, understanding how they fit into a larger tapestry as Hawley weaves a picture of the point he's trying to make this time.
Initially, the show seemed like a fool's errand. The 1996 film upon which the show is based is a bonafide modern-ish classic (I am not taking comment or questions on this statement). Trying to work in the world of the Coens, aping their style and worldview seemed breathlessly arrogant. I was part of the audience from the 1980's and 1990's, who - thanks to Joel and Ethan Coen - came to see movies could maybe be a bit more than what I thought. The Coens provided a fresh take and a clear perspective all their own when it came to style, substance and density of narrative, as much auteurs as you were likely to see in the US film industry, and ushering in the 1990's indie-film era.