This movie is unfortunate
OK, since people don't get it, I will do you ALL a favor and do my best to analyze this movie more fully, explaining why it doesn't work and why it gets this 'lukewarm' response.
I don't care what movies it was 'against', I am going to just analyze the movie 'as it is'.
First, relying TOO MUCH on the star power. Getting Arnold for your movie is absolutely fantastic, but you shouldn't let that AFFECT the story, editing, lighting or any aspect of you telling your great story passionately. Having Arnold as their star was probably such a 'big relief' they felt they can relax on other stuff and NOT TRY SO HARD.
Second, the concept and idea itself are both solid. A movie that makes fun of action movies, by displaying a jarring juxtaposition between 'movie world' and 'real world'. It's actually almost brilliant, a premise that has not been used enough ('Cool World' and some others ABSOLUTELY butchered this idea).
Third, the movie is technically polished. It's very good, there is NOTHING wrong with the technical aspects. The musics are good, the visuals are good, the camerawork is good, acting, lighting, IT IS ALL GOOD. It's all absolutely good, I don't think ANYONE can claim otherwise without KNOWING they are lying.
This might be its pitfall, because there are so many easy-to-see 'good things' about this movie, it's easy to just fall into the comfort of 'it's all good' without fully realizing what's going on.
It's frankly quite amazing - maybe unique! - that a movie has THIS many things go SO WELL and be done so well, be crafted so well, and yet fail.
When I talk about failure, I usually don't care about the 'box office' or such things, I care about whether the movie is good, entertaining, energetic, atmospheric and so on.
Fourth, there are SO many good 'jokes' and good 'humor' about action movies and such in this movie, it's what a viewer will remember the most. Stallone in T2? Only pretty women in 'movie California'? The movie 'weirdness' being so easily explained away, even though from our perspective, they ARE weird..
It's hard to think a movie is bad, when it has THIS MUCH GOOD stuff in it.
It's like a sandwitch that has completely perfect ingredients - the only problem being, when you bite into it, it tastes either really bad or at least very bland.
It's almost a miracle, it's hard to fathom, it's hard to understand. 'Everything works' (sort of), lots of charisma, good stuff, great star power, great jokes, good humor, even the kid's acting performance.. WHAT the heck more could audiences want?
This movie is unfortunate exactly because it's smiled upon by so many 'movie Gods' - SO many stars aligned to bring SO many good 'happy accidents' and such.
The problem is, the movie is like a deer frozen in headlights - it's going to be dead in a few seconds, but just before it happens, it looks really beautiful.
This movie froze instead of exploding, it stopped expanding once people knew it's gonna have all this good stuff in it, so no one wanted to put in their best effort anymore. Sure, parts of the movie are SO excellent, maybe even most movies (and certainly many) are put to shame by those parts.
The thing is, no matter HOW polished your movie is, if it does _NOT_DARE_ do anything new, good, interesting, exciting, or VISIONARY... it's going to fall flat on its face.
This movie never was, has never been, isn't, and will never be 'bad'.
The problem is exactly that - this movie did not take RISKS that could have made it bad. It played it SO safe so it could be 'good', that it landed SQUARELY on 'mediocre'.
That is the problem with this movie - no matter how many mediocre jokes it throws at the viewer, no matter how inconsistently 'weird' it is (the dog pyramid-scene does not fit in with so many other scenes), it never rises towards 'greatness' - it remains steadily in the 'mediocre' level, and is TOO COMFORTABLE with that.
It doesn't make Arnold do CRAZY things - just 'the usual action movie trope things, now, laugh, damnit!'.
It doesn't make the kid have an amazing personality, he's a STOCK KID that could be from ANY movie.
It doesn't make the villain.. well, you get the idea. The villain is probably the best part of this movie, his acting performance is absolutely engaging, making me want to see him in more movies. The problem is, he wasn't given THAT much... he does a wonderful job, but he doesn't fly into the sky to break an interdimensional barrier to tri-locate in more interesting dimensions.
He plays a villain, and that's it.
This movie relies too much on 'safe things' to break new ground, so the result is FLAT and UNINTERESTING - the viewer can PREDICT too much of what goes on, and the jokes land a bit stale as the result of that. It's like one joke that is stretched too long without being anything new to it. It just becomes boring and predictable.
I could write pages on how predictable this movie is, but I rather focus on the OTHER nail on the coffin; the 'real world'