This expression has a derisive and disrespectful tone. A "freak" is a harsh slang term for someone with a physical disability or who is unusually tall or with uneven features or one ear too big, etc. Google "freak show TV talkshow" for images and you'll see what I mean... Nowadays, a freakshow is anything that looks weird, in poor taste... A talk show can be a freakshow... Or, if a famous person is at the airport and everyone goes crazy screaming and trying to get close to the star, that can be called a freakshow...

It means that the place that you are in or around is strange. This meaning (in American English) is often used to describe strange people (strange looking people or strange acting people). A freak show is perhaps historically understood as a place where people with birth defects (see: Mr. Frank Lentini, The Elephant Man, or Lazarus Colloredo and Joannes Baptista Colloredo). Hope this helps. Nick