There's a compelling arguement that The Phantom Menace has no reason to exist in the general plot of the prequels.
The only real events that carry over are Finding Anakin, and Obi Wan being forced in teaching him.
The Phantom Edit literally just has the Duel of the Fates. It's all you really need to keep.
Could have been just a flashback at the beginning of Attack of the Clones.
It's actually a massive failure in terms of writing. Of all the stories you could have told, you told one that could have been removed completely and not make a difference.
The issue here is that it's kinda like that for all the trilogy to be fair.
We learn nothing that really adds to the Star Wars mythos in the PT.
What glimpses we got from the OT are actually better built and shown than everything in the PT.
We didn't really need to see Yoda cowardly retreat or the Jedi order fall like chumps.
Sure the design of Grievous is kind of nice but everything badass he does is now not part of the canon anymore.
You could put everything of importance from AotC in a reel at the beginning of RotS and you would actually earn 2h of film that you could do something with.
We're supposed to believe that Anakin in film 2 is different in film 3 but you're not shown that in the films.
You get to know that in the inbetween cartoon, Anakin stays the same insufferable brat easily manipulated by pretty much everyone.
We're told why he betrays the order but never shown.
We're shown his frustration to be denied the master title but then again we're never shown why he would even be worthy of it to begin with and why he thinks he's some hot stuffs.
My point is if you're going to poke holes in TPM, might as well poke holes for the whole trilogy like you're playing a weird game of whack a mole.
If anything TPM at least shows where Anakin comes from, where Padme comes from, the beginning of the long con of the future emperor.
It also shows us how proficient Anakin is with the force from very early on.
I mean for once we're shown stuffs instead of being told about it!