"Best debate in 2020," Bloomberg quipped about the first and only Democratic debate so far this year. He added that the debate format should change to allow more in-depth discussion on the issues.
"I suppose it's good theater but it didn't address the issues of the country and what they would do. And they're not really debates, they're pre-canned soundbites," he said on Wednesday's show.
"Everybody wants to say something that doesn't get them in trouble or does start a controversy that has been pre-scripted and they think is good. We should think about another format where they really -- somebody picks a subject and you have to talk about that subject.
"That to me would make more sense than just free-wheeling because you go from subject to subject to subject and never get two sides," he added.
Bloomberg, who entered the 2020 race late, did not make Tuesday's debate stage but said he would like to get the chance to leverage the air time.
Co-host Abby Huntsman had asked him if he was trying to take the "easy way out" by not participating.
"No, because it's harder to get the message out if you're not in the debates. That gives you a lot of television exposure," he said.