I remember that at the time of the (non-existent ;-) ) sequels, being disappointed with these "sequels", fans wrote summaries of screenplays how a (good) sequel to Matrix might look like.
Basically all of them were much better than the official sequel attempt (because such fans really cared), and I bet if I had been looking much more deeply into these fan-fiction sequels, I could have found one that was as exceptional as the original Matrix.
Lesson learned: scripts for sequels of movies that have a strong fan-base should be written by people who really care about the franchise (and have good ideas).