There's an inherent irony in the idea of rebooting the Matrix franchise. Anyone familiar with the series knows about the "glitch in the matrix," where a repeated event acts as a precursor for an unfavorable alteration to the source code of reality. In the case of the Matrix franchise, the glitch is equivalent to Hollywood's attempt to capture another bolt of lighting in the same bottle. However, given the landscape of contemporary cinema, there was no way a film series as iconic as The Matrix would escape the endless conveyor belt reboots and nostalgia bait filmmaking. Case in point, on the other end of the theater, Spider-Man: No Way Home is an open celebration of reboots and nostalgia, and it's on track to become Sony's most successful movie ever. The rapturous reception and commercial success that Spider-Man: No Way Home is earning guarantees that we're never going to escape the vicious whirlpool of reboots that are dragging down the cinematic experience.
In the video linked above, the YouTube channel Internet Impact discusses how we fell into this reboot quagmire and why we might be stuck here for a while.