The sequels were simply abysmal, tribal dance scene/orgy, massive long fights where you knew the winner before hand, and were simply dull anyway, the complete and utter removal from the main basis of the first film... agents who basically work along the "matrix's" rules, and a once in a generation special guy who could bend the rules further than anyone else.
The second and third films just made a mockery of the whole limits imposed on the first film, which is what made the story work. If everyone can just make a super dude whenever they want with uber powers.... what the hell is the point?
From weirdo twins who despite a basically unbeatable power, can't kill anyone, to Neo who goes from long fight to long fight, taking ages to beat anyone for no reason. The story was worse, the fights were awful hollywood over the top nonsense, the scenes inside the docking area, the love sick gay kid, the terrible Smith stuff, and the often awful acting.
The first film worked, and was fantastic, the other two were first film + bigger budget + remove the story + add stupid story + add boobs + add orgy/tribal scene + over the top action that removes everything that made the fight scenes so good in the first film + **** cgi + **** end.