I don't think there's a Night's Watch anymore (since Jon immediately left when he arrived at the Wall), it was just a euphemistic compromise way of exiling Jon.
I like the ending in a sense because it's a very cynical one: after hundreds of thousands of people dying, and years and years of war, the Starks and Lannisters are still running the country, the kingdom is ruled by a bunch of incompetents (Tyrion has proven himself to be an idiot, Davos can barely read, the master of coin is literally a criminal mercenary, Sam hasn't even finished his maester training???), so in that sense the wheel keeps on turning. The only two people who could have changed things are dead and exiled, and Jon was basically used by Tyrion to save his life and put him back in power (and for his troubles Jon is emotionally scarred and exiled to Siberia and never gets to see his family again). I also like that all the various prophecies turned out to be nonsense, which seems to have annoyed people.
(Also you can argue that whatever the hell kind of immortal demigod the Three-Eyed Raven is (because remember Bran isn't Bran anymore, he's been taken over by this thing), It has engineered a coup and now rules the continent (and is actively searching for the remaining dragon presumably so It can warg into the dragon and control it). Like this unaccountable, omniscient being has been running the show the entire time and now he controls everything. Seems bad??? Maybe the Night King, who was trying to kill him, was the good guy all along?? In fact the only things we know about the Night King come from Bran? WHAT IF HE WAS LYING???).
BUT, I don't think D&D realized this and it seems like they think they wrote a happy ending??? So who knows.