It was very lightweight despite its pretensions, yeah—didn't articulate any theory of the basis of the drug trade and drug wars.
You can and do get 'ooh Mexican cartels are really, really, really evil' in almost any US crime drama these days (True Detective, Breaking Bad, Sons of Anarchy, etc). When a serious film takes on the subject you expect forensic research and some degree of thoughtfulness.
Traffic was a flawed movie but it was already well ahead of Sicario in depicting the sweep of factors that are involved, and it was made fifteen years ago.