Most people will describe a book that makes them laugh out loud as "fun", regardless of whether they observe the darker undertones.
"Fun" also doesn't need to be funny - there are many scenes of spectacular awe and wonder (like in the final chapter!) that are extremely fun.
You have witches, the devil, a talking cat, magic performances where people end up running around naked like headless chickens, a ball in hell etc... That's entertaining regardless of the morale of the story. I think that's one of the reasons this book is so very well liked, it combines fantasy with a very strong message. The Lord of the Rings is fun but it's not exactly known for its very strong political message and criticism of an authoritarian regime from within. Karl Marx's Das Capital is politically and historically very interesting but about as fun as reading the phone book. Master and Margarita manages to do both at the same time.
Of course if you only focus on the "fun" stuff then you're missing a lot that the book has to offer but if you want to get people to read the book you'll probably have a better chance if you talk about those fantasy elements than if you describe it as a bleak criticism of the soviet union with bits of the crucifixion of Jesus spliced in between.
(However I never liked this motive of 'Ich bin ein Teil von jener Kraft, Die stets das Böse will und stets das Gute schafft' - never got that.)
Volokhonsky and Peavar do the best but one still needs those hundreds of pages of footnotes which are just not there. Reading TMAM pretty much requires jumping off the TMAM train every few paragraphs and venturing into Literaturnaya Gazeta, history of KPSS, lore of the MGU, etc just to realize the mood of those paragraphs.
In hindsight I only regret starting with an English translation instead of a French one as I suspect that Russian maps better (although obviously still very imperfectly) with French grammar.
Now if you want signaling of intellectualism I've also seen Simon McBurney's adaptation of the novel as a play at Avignon's theater festival a few years ago and it was absolutely magnificent.
I have a hunch you do not discuss The Master and Margarita at parties.
Edit: The downvotes on this is the exact reason why McDuff is popular - it is intellectual masturbation. The one mocked by Russian writers. One, of course, should read it in Russian on in V&P translation to notice this plot twist. It is always fun to watch.
What's your point exactly? Do you think that Master and Margarita is overrated or do you think people like it for the wrong reasons?
For the same reason why you would not be discussing "Confucius, Philosopher of the Chinese" -- wrong audience.
> Do you think that Master and Margarita is overrated or do you think people like it for the wrong reasons?
I gave the answer above - fawning over TMAM among the western population is signaling of intellectualism targeting their friends. TMAM actually addresses it.
Complaining without providing alternatives is not especially productive.