It's just not funny.
Even viewed as a film of its time, it's still not very amusing. Neither of the two main characters has any charm or comic timing - the only mildly amusing character is Blakey the inspector. How this was ever a success is a mystery.
However, there is one amusing part: The theme tune. It has this wonderfully dated lyric:
"It's such a gay life on the buses. Make sure you leave your bird at home." That's a classic.