Just watched it. It sucked. Totally unnecessary sequel. It was much less ambitious or outrageous than the first, and barely had any decent gags. All of the stuff they were mocking are things we all already know about. There's nothing funny or revelatory or even interesting, really, just laughing at dumb Americans. If anything what's on display here in parody is more tame than the reality. The brand of humor feels extremely dated, too, which brings me to my other takeaway.
It feels out of touch about racism. Cohen is more interested in anti-Semitism specifically, which is whatever, but any other racism at most gets a throwaway line (kids in cages). What's even weirder is the one black person in the movie functions as a "magical negro" (both for Tutar and Borat) in the story they're telling to connect the skits together. With everything happening related to racism, that's all they could come up with?