There are two key elements to making a Found Footage film work. The first and biggest one is obviously the ending. Everything is leading up to that moment that is going to explain why the footage needed to be found.
The other part though is the build up. Even though most Found Footage horror is on the shorter side of runtimes generally, there is still a long time where the audience has to follow these characters around in anticipation of what is going to happen. The build up has to be tense and has to fill us with a sense of dread. We have to be worried about what is to come. This is where 'Frogman' lets itself down.
The build up wasn't very good at all. It was never established why anyone should be afraid of 'Frogman' (or even if anyone was, for that matter). Everything in the buildup just felt like filler. Yes the characters had a little bit of charm but that wasn't nearly enough.
It leaves a massive weight on the ending to basically carry the entire film, and it simply couldn't do that. 5/10.