The mysterious metal at the heart of the plot being called 'MacGuffinite' also made me laugh. Also, you don't really need to have seen The Bad Guys (1) for this one to make sense. I confess to not having paid proper attention to TBG1, and this one held together regardless.
My children declared this was actually better than the first one, but that may partly be the cinema experience. Either way, it's certainly not *worse*
I recently finished the book series with my 12yo. If you have a tolerance for fart jokes, I recommend it. It starts as silly heist stuff, but becomes (dark) fantasy and even horror as it goes on. Surprised me, and I enjoyed it.