The first Space Jam was a kind of a weird semi-autobiographical retelling of how Jordan retired and unretired from basketball. I always thought that was one of the more interesting parts of the movie. It helps that MJ isn't a complete retard like LeBron irl.
I'm not going to deny that Back in Action had some damn good jokes and moments in it, but I was expecting more from Joe Dante because Gremlins 1 and 2 are two of my favorite movies and he's a hardcore Looney Tunes fanboy. It should have worked, but it just doesn't. Unfortunately he was given almost no creative freedom due to WB being ran by dipshits like usual and he hated working on it. Even pre-JUST Brendan Frasier looks like he doesn't want to be in it. I'd still watch it over Space Jam 2.