They do us the favour of entirely skipping Spider-Man's origin story (which we've seen twice quite recently - Tobey McGuire in 2002 and Andrew Garfield in 2012) and move on more to the whole process of Peter Parker adjusting to his new place in the world (which, it must be said, is usually also part of the origin story). Tom Holland (who plays Peter Parker in this outing) and his buddy Ned (Jacob Batalon) manage more humour than any previous version of Spider-Man. After "Captain America: Civil War," high school student Spider-Man is back in New York and hoping to work with the Avengers. While waiting for them to call, he occasionally fights crime in his area with the assistance of the super-suit Tony Stark gave him. At the same time, Adrian Toomes (Michael Keaton) and his salvage company embark on a criminal career salvaging alien and superhuman artifacts and repurposing them for high powered weapons. Toomes uses a flight harness created by one of his employees to become "The Vulture" (I don't think the name is ever mentioned in the movie, but the character name, the appearance, and Keaton's relatively advanced age all match up with that comic book character).
Overall, they've constructed a serviceable and at least amusing story. It's not hugely memorable, and not a great film, but also far from Marvel's worst. Considering how sick I am of the Spider-Man story, I have to give them credit for keeping me interested.