I watched the movie last night on HBO MAX. I have some observations to share:
The plot (where the Matrix itself is a stand in allegory for the studio) is a new parasitic matrix where both Trinity and Neo are used to power the entire thing. The horrendous fan made grade special effects, multiple areas within the movie that appear to make fun of the need to simply make money off the fan base by making another sequel to simply make more money off of them. Here the fan base is allegory within the plot.
I suspect any fan of the Matrix cannon will walk out of the theater either hating the movie or confused.
But I kind of liked it because either Wachowski had decided to make a franchise parody movie from the get go, or as is stated right in the movie dialog that "Warner Brothers is going to make this with or without you so the choice is yours".
So I am left to conclude that all the weirdness in the movie is the literal outcome of forcing someone to do a job that they did not want to do in the first place and then obtaining a result that is total malicious compliance to what the studio demanded and contracted for.
If you look at it this way it is a complete masterpiece.
This trailer hits the mark 100%