Ah, at last!
Clearly inspired by martial arts tournament films (especially, the American productions: 'Enter the Dragon', 'Mortal Kombat' & 'DOA: Dead or Alive'),...
... Wuxia films,...
... especially martial arts fantasy films,...
... and also 'The Man with the Iron Fists', 'Ninja Assassin' & 'Kung Fury'.
It gives me a feeling of déjà vu... (^_^')
I am a longtime fan of Asian movies (Hong Kong, South Korea, Japan, Bollywood...).
It's a pity Shockwave (one of my fave Shang-Chi villains) isn't in the movie.