Context: I am not American, and do not live in the US.
In many ways, this could be compared to the 2015 HBO TV-movie 7 Days in Hell. It's essentially a long skit based around one central idea, featuring a number of celebrity cameos. It's something where those involved obviously must have had great fun making it, and that joy is transferred to the viewer.
There is also a case to be made for a comparison between this and 2015s Kung Fury. Both rely heavily on replicating (and exaggerating) the looks and feel of popular media from a former decade (specifically the 80s).
While I can not be sure about their motives, it's easy to imagine that the people involved with this meant this as a sort of satirical reflection over Trump's character, or as an comedic attack on him. Because of Trump's way of handling his legacy and public image (basically not caring), this is not a very successful game plan. And because the caricature of Trump in this movie is (sadly) believable, it never becomes all that funny.
