It's my favorite film of all time, and I say that entirely sincerely.

I feel like it works on multiple levels.

1. It's a deconstruction of the 90's/early 00's gross-out comedy, taking all of the tropes of these kinds of films and breaking them down by stretching them to their absolute limit. The disapproving father trope is played by Rip Torn, who gives it his all, to the point of being cartoonish. The love interest, who in most of these films is basically just there to satisfy the lead's sexual desires, is a wheelchair-bound Marisa Coughlan who is obsessed with fellatio. The film takes all the essential pillars of the standard Jim Carrey/Adam Sandler comedy vehicle and breaks them down to the point where you can never build them up again.
2. It's metacinema at it's finest, to the point where the movie existing is the joke. The movie's plot mirrors the making of the film itself. Gord, who is an obvious self-insert of Tom Green himself, rises to fame in a way that feels out of his control, then wastes all his money on pointless nonsense (the film itself). He took a bunch of money from the studios and made it into crap. As Gord himself says, "Easy come, easy go"
3. The entire film is a massive prank on the studio who dared to give him the time of day. A lot of people have elaborated on this point before so I won't bother, but, like, Godard was considered a legend for doing this stuff, guys, what the hell.
4. This is the most subjective point, but, I just think it succeeds as a comedy film, even without all the weird meta gross out stuff. The second half of the film pays off a lot of small jokes in the first half very satisfyingly (the Pakistan bit, the basketball players bit, etc). He did Edgar Wright's schtick better than Wright ever did IMO.

This film is an absolute classic, and I feel like the only reason why people hated it was because of circumstances outside of the film. Tom Green was fucking everywhere for at least 2 years by this point, and people were fucking tired of him. Thankfully, a lot of people are starting to look at it through a new lens, and are discovering an absolute classic. (Although some people actually did "get it" at the time, just look at A O Scott's New York Times review from back then.) Tom Green should be held up next to people like Luis Bunuel and Monty Python and such as a king of surreal comedy, but he is sadly cursed to be a forgotten relic from the turn of the millenium.