I don't see it as a reset. For it to be a reset, things would end up exactly the same as before--indeed, the Borg incident would never have happened--and that's not really what happened. Picard was changed by the experience, as was Riker, and the damage the Borg did to Starfleet would figure into several episodes, most notably "The Wounded." Also, the Borg self-destructing after having their systems subverted from without was a good way to defeat them (and they had to be defeated--TNG wasn't about to become NuBSG) which maintained their invulnerabilty to more direct attack.
(Here I am, strenuously defending an episode of TNG. I didn't know I had it in me.)