Great game, Ok sequel.
Mount & Blade II: Bannerlord is a fun game, no doubt. The combat is enjoyable, it does have fun mechanics and quality-of-life features compared to its predecessor, and it's great to see a Mount & Blade game with somewhat modern-looking visuals.
However, it still lacks a lot of features from Warband. There is little to no diplomacy, nor is there anything really to do once you reach the late game. It feels bare bones even after years of development, which isn't helped by the small and infrequent updates it gets.
Regardless it's still a Mount & Blade game, if you like the formula, you'll still love this game. Just being able to personally participate in massive field battles or sieges, fighting with your troops, makes the game worth it to me.