Hardy's been doing great with this, imo. His commentary and explanation for the winners is very clever. I think one of the issues with this is that his contestants may largely be unfamiliar for the "target demo". Mary Lou Retton? Andie McDowell? Harley Jane Kozak? Your average guy in his late 30's is probably scratching his head about these people (one of the "tells" is that Kendra was unfamiliar with many of these ladies and has basically passed on reacting to this stuff).
As for Fred, he's really lost his fastball. I give him credit for making a noticeable attempt at being less of an intentional asshole, but these days he just defaults to boobs, poop, and diarrhea to try and get a laugh. He's a guy who has almost aged out of the target demo himself, and by trying to act like a young, perverted man he just comes off really kinda gross and pathetic. That's my reaction to his participation in this little contest. More and more, when Fred has gone on one of his (unfunny) rants, Hardy is more likely to let him hang out there alone than to come and rescue him.