re: Could they hav actually made decent Matrix sequels?

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The first movie was never intended to spawn a universe or have any sequels.

it was just so wildly successful from a financial standpoint they we're going to churn out more matrix content regardless.

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The sequels just have almost nothing in common with what made the original intriguing. Outside of the meeting with the architect, the sequels are just building up to video game fights/battles that aren't really interesting.