I’ll give it a stab.
The first movie was personal. It was one man’s quest towards enlightenment, and once enlightened, he could take on the whole uncaring system single-handed. It’s an empowerment fantasy. At the same time, all of the interactions, the loss, the betrayal, were personal, too. Whether it was Neo losing his mentor, Tank losing his brother, Cypher betraying the people who trusted him… we were allowed to care about these characters, and so they meant something to us.
The sequels ditched the empowerment theme from the first movie, and ditched the emotionally moving character interactions along with them. The feedback they got from the first film was “bullet-time action sequences are cool!” so they filled as much time as they could with those, and made room for them by removing scenes that would make us feel empathy for the characters.
The second and third movies are basically a string of action sequences to save Zion, with only the tiniest effort put towards showing us why Zion was worth saving.
And, as much as I love the acting of Hugo Weaving, Smith should really have stayed dead. His only contribution to the film was giving Neo someone in the Matrix who he couldn’t defeat with a wave of his hand.