Yes, Hollywood overplays its use of movie sequels. The Matrix series was finished with the trilogy. I can't imagine why a fourth movie would have been released. The only series that I can understand being made was the Lord of the Rings, the Hunger Games and the Star Wars series. Hollywood uses sequels for many other movies that simply weren't good enough in the first place to warrant another movie.
As many people like to see predictable plot lines and the same story told over and over, there are just as many people who want to be challenged by the stories they are seeing. Unfortunately, Hollywood is catering to only the people who want the same thing, causing movies to become stale and overdone.
I think that public opinion, and that of the major studies reflecting this, is that sequels are indeed played out. Pixar have gone on record to say that despite the early success of Finding Dory they are not planning many, if any, sequels to their movies in the near future.
Some movie sequels have been very successful. Probably the longest running movie sequel is the James Bond franchise for over 50 years. If the movie story line and characters are keep fresh, the sequels can still be entertaining. The Jason Bourne series continues with success and so does the Star Trek series. Matrix will depend on the quality of the story and action.