Going strictly by Canon won't help here. Roddenberry himself once said  the machine planet was the Borg homeworld, he could be joking or not, ymmv.
But the concept is intriguing. I read some not-half-bad fanfic theorizing the machines were in contact with V'ger until the fusion with Decker -- when they lost contact they were intrigued by the disappearance and assimilated their first organic species -- until then they didnt do that-- trying to understand whet Vger had done with the human(s) - thus inventing and eventually becoming the Borg as we know it.
What's in your "personal canon", if such a thing exists?
I had imagined that episode where Kirk challenged those three disembodied brains into building a better society, would be the origin of the Borg.
After Kirk had "left", each of the three entities had striven for perfecting their submissals in beating out the other two entities in their discourse on how to build this better society, but having failed to reach a consensus, the entity that had come up with the idea of assimulation, ended the "impasse" by making the other two entities subjected to her.
This, in turn, became the necessary evil in making all subjects of this new society in compliance to the "Queen's" wishes.
The initial striving for perfection in this "Kirk-inspired" competition in submitting ideas for building this better society among the other two entities, became the sole purpose of this new society as they would always be assimulating better ideas and better subjects from other worlds in this pursuit in becoming a "better society".
And thus the Borg was born.