I can't say I'm a huge Krofft fan, but it's a weird comparison. Krofft shows are all about story telling, and Teletubbies was an illfated, yet successful, attempt to make shows for kids too young to watch or even enjoy TV by making things flash and repeat themselves. I saw some of the H.R. Puffenstuff movie, and it really felt tongue in cheek. A lot of the psychedelic stuff seemed at the time in that show and all deliberate... Teletubbies was a druggy show due to the fact that druggies' brains usually turn into that of a baby with snark cynicism.
Still, at least H.R. got intentional laughs out of it. Teletubbies was torturous to watch and not even so bad it's good, unless you watch it in 2 minute bites. I did like the one with the cut scene of the extremely hairy, swarthy guy with a thick somewhere weird in Europe accent singing to his daughters.