The movie has some nice cinematography by Michael Bauman. It has some nice scenes, by DiCaprio and Del Toro mainly. But it is ultimately a satire, which, by nature of the genre, targets a small niche audience. The movie is an old story retold in the target audience's lingo of the moment, which changes every four–five years.
All character arcs are flat. All characters are cardboard cutouts. (Some are well-cut ones.)
Powerful members of society (which, in a democracy, includes the common man) hold beliefs that the elites know to be wrong. Norms have developed according to which the elites and their allies are supposed to pander to some of these wrong beliefs but not to others.
