Search Party's comedy stems from the exploration of four friends' millennial-themed need for attention and external validation. They each go down their own unique path of moral decay while desperately seeking to turn their personal narrative into something meaningful, with the possible exception of Drew who just wants a boring and steady life.
The social currency of victimhood and their attempts to either cast themselves in the victim role or affiliate themselves with victims is particularly poignant. The interaction between the friends as their victim narratives come into conflict with each other is brilliant meta commentary.
In juxtaposition to all the narcissism is the overwhelming guilt that each character feels for their actions, which drive a range of emotions from self-loathing to a rabbit hole of temporary insanity. This may not sound like a "comedy" but the show finds a good balance between the laughs and the darkness that is slowly overwhelming them.
I really enjoyed seasons 1-3 as the show found intelligent ways to evolve the storyline, characterization and social dynamics between the group of four. Unfortunately, Season 4 was a disappointing drop off. With the lead character no longer in a position to play off the other three, and instead stuck with someone not nearly as fun, it was mostly a joyless slog.
The show was renewed for Season 5 so I hope it can return to former heights with a reunion of the gang of four.
Update: Season 5 is also terrible. The show has jumped the shark in every way from plot to dialogue, sets to costumes. I watched about half the season and couldn't do it anymore, sad that a once really good show is now just painful.