Considering the prevalence of the internet and social media compared to when the original Matrix came out, an update to the basic story actually makes some amount of sense.
"[Cinema] is a labyrinth with a treacherous resemblance to reality." - Andrew Sarris
None of the original cast or crew are involved so far. I've heard rumours elsewhere that they might be going for a young Morpheus origin story, which would be slightly less horrible, but still.
I also like the irony of how The Matrix is worshipped among redpillers, when if anything it's like a stereotypical SJW movie: written and directed by two trans women, extremely multiracial cast, a story that draws influences from a diversity of religions and cultures, white guys are the bad guys and the movie opens with a woman beating the crap out of them, etc.