This is the old 1996 Space Jam with Teen Titans Go giving a commentary. That's all it is and it was made for the die hard fans. Why anyone would think it's a brand new movie, is mind boggling!
It might not be for everyone, but for those who enjoy special features or dvd commentaries, this is for those fans. It's similar in nature to The Lion King 1 1/2 where Timon and Pumbaa do the same with their version of the original Lion King. It was fun, so this version of Space Jam should be treated as similar.
This special is meant to be viewed by the fans, and not necessarily newcomers to Looney Tunes or Teen Titans Go. That's how I feel it should be viewed. It is just what it is, a commentary track with animations. This would have made a great special feature on the Space Jam dvd or blu-ray.