I'm not going to spoiler shit, this movie is streaming and you know what the fuck you're doing if you clicked this thread.
So I'll lead with the good:
The effects are pretty fucking nice. They obviously put a lot of effort into the ice effects, no doubt, and they put in the appropriate amount of blood. Some of it ends up looking a little CG-ish, but it don't look cheap.
Speaking of the gore, a lot of it is in the fights, and the fights are pretty well choreographed! It isn't as good as I might like, but I would rate it at about 7-8/10 in terms of fighting. At least I always had a firm idea of what was going on.
Now for the bad, and the first and biggest issues with this movie is that

THERE IS NO MORTAL KOMBAT IN MY FUCKING MORTAL KOMBAT MOVIE!

Seriously, at no point in time is there a fighting tournament to decide the fate of Earthrealm,
which is the fucking point! I spent so much of the movie's runtime waiting for the tournament to begin!
With all the focus on prophesies and bloodlines and arcana and shit I spent half the movie, at least, feeling like I wandered into a not-MK movie. Just blah blah blah boring shit that I do not and never will care about
because none of it fucking matters. We're dealing with crazy dimensional realms and literal sorcerers and shit, we don't need to completely fail at half-ass boring explanations for shit that doesn't matter anyway. It actively pissed me off, not just they tried but they failed so badly. "You just got pulled into an alternate dimension by a lightning god, and now you throw fireballs so you can fight an evil sorcerer to save everyone on Earth.
Literally the entire world depends on you just rolling with it." Boom, done.
Speaking of, who's this fucking Cole guy? Why the fuck is he in this movie when there are literally dozens of actual game characters to use? "We need a non-white protagonist, also Nigleena!" is a bullshit excuse when, as many people have pointed out, Liu Kang is
right there. SO IS JAX! As for a clueless character to explain shit to, again nobody knows shit except Lui Kang and Raiden! It was have been as easy to focus on Jax/Sonya as the clueless protagonists chasing Kano to the secret monastery where Liu is, or some other shit, the structure of this movie just pisses me off. Oh, and who was involved with casting? Why is Sonya a spindly thot? Lui Kang looks so soft faced and is just...weird. The Cole guy was like a plank of wood, no charisma at all - I don't know who anybody else was and I didn't even really care. The closest thing to chemistry was between Kano and Kung Lao. None of the villains had much in the way of menace or impact. The first movie in the 90's was deeply flawed, but at least the casting was better and it
made "YOUR SOUL IS MINE!" iconic.
Final Verdict:
Torrent or Stream if you're already paying for whatever its on. Don't pay for it at the theatre.