I believe that most tv series style improv shows don’t work, because the show lacks an audience that returns on a regular basis to watch at least every second show. Also, the characters don’t change. In order to overcome that lack, you need a basic situation that provides enough tension to draw comedy from. However, it doesn’t work as a long form improv drama. For that you have to have (a) pivotal character(s). Everyone in the team needs to know where the story is, what has happened, etc. The story tends to fade away.
Vince Gilligan: “TV is historically good at keeping its characters in a self imposed stasis so that shows can go on for years or even decades. (…) When I realized this, the logical next step was to think, how can I do a show in which the fundamental drive is toward change?”