This is definetely one of the least cerebral Paul Thomas Anderson movies.
It really felt more like a three hour action movie but somehow I never really felt that it dragged. Even all the exposition in the first part was relatively easy to follow for me.

There were some cool and entertaining sequences that stood out and specifically the final chase was really thrilling and cinematic.

I do agree with you, in general, with the overall value of the movie. An interesting movie but I doubt it can make a claim for best film of the year as it seems to lack the seriousness and impact that these auteur films usually have.

Still, I only saw it once at the theater and it was entertaining enough that it definetely deserves a second view at some point in the future. Maybe then I'll appreciate it even more!