I dunno. Seems alright for a next entry of The Matrix.
*Adjusts glasses*
We really don't know if it's a sequel or not. It does represent an older version of Neo though it might tell us that it is indeed a hard reset of Matrix after Smith had been dealt with but it could also be a version of Matrix before any of that, making it a prequel, or something in between. We know there has been multiple versions of Matrix and Neo, as seen in The Matrix Revolutions. Notice the plural in all of the names. The movie could just be one represention of the many.