Probably not. I mean the whole movie was a psudo-satire about the war on terror. But there were lots of internal contradictions that made the second half age terribly. The main message of the second half was that Iraq definitely does have WMDs and America might be annoying and brash and dumb but someone has to invade the middle east to fight evil!

A sequel would either have to admit that there were no WMDs and the war on terror was open colonialism, or ignore the entire message of the first movie and pretend it never happened, or double down on saying actually it’s cool for the US to invade other countries.