That’s just crazy enough that it might work.
I’m actually pretty fond of the Zack Snyder movie adaptation in a number of ways, from its efforts to capture the actual artwork in cinematic form, to its’ high production values. But it’s also got some limitations due to the short run time. An HBO series could actually engage with the material more deeply (though I can do without the pirate ship adventures), pull in some of the backstory that was elided, and allow speculation as to whether the movie or the book’s “fiendish plot” climax is used (or a different idea altogether).
One thing we can be sure of: Alan Moore will hate it.
Watchmen HBO Series Begins Production
Damon Lindelof has begun production on a Watchmen HBO series.

Agreed on all points.
I look forward to seeing this.
Does Alan Moore like any of his own work? He certainly hates other adaptations of his work.
He's one or a hundred drummers over the max for a band.
He says, never again; done shooting comics.
Then another truly bizarre tale comes out by him which he immediately disowns.
I am very slowly reading his most recent offering. It's chilling and obscenely fascinating.
He is a fascinating madman.
+Melody Peters "A fascinating madman" definitely sums it up.
It should have been a mini series to begin with, maybe 6 x 60m.
+Laura Ess At least that long.
That's true of most book-to-movie adaptations.