The klingons were used as the main villains multiple times for TOS films. Maybe they should’ve used the borg again for Nemesis in like an indirect sequel to FC (to help ensure sizable BO - anyway the borg were far more Picards ‘nemesis’ than any whiney clone).
What story though? obviously not another earth invasion thing. couldve instead explored the borg origins like in that Manga comic. Prometheus style opening flashback scene of first Borg created ... then flash forward to the near to be decommissioned Ent E (like VI would be set good few years after previous film) sent to investigate a massive anomaly in far reaches of unexplored space that is gradually approaching federation territory. Ent E intercepts and discovers huge Giger like biomechanical type sleeper ship. Away team of Picard, Data, 7of9
and red shirts go over and after much Q Who searching, turns out that the big ship seems to be where the first borg came from - the very first borg vessel (tying in with the opening). Away team become infected by black goo type stuff, red shirts turn into zombie like humans - borg without implants. 7of9 becomes like the Borg Queen/Locutus. Double act of Picard and Data manage to escape and uncover the big shocking twist of the movie (that would be kept under wraps) - the Voyager 6 probe. (yes the old Vger was the borg theory that Shatner explored in The Return. The last movie tying in with the 1st type thing - movies come full circle deal)
At the climax, its revealed the Ent was lured there to enable this Vger/Borg to become active. The ship fully activates and totally disables Enterprise then gears up to transwarp earth to assimilate humanity like Vger. Picard desperately tries to ‘reach’ 7of9 and prevent her from fulfilling her ‘destiny’ and she manages to overcome the borg and give Picard enough time for a last chance. The only thing that can be done is if the severely damaged, barely working Enterprise warp crashes into the ship (like the Kelvin and the Prometheus). Picard evacs everyone apart from himself and Data to set collision course/guide into the big ship George Kirk style - Data places little patch on picard and beams him off (“goodbye“) and then he steers damaged Ent into the borg ship destroying it. Both 7of 9 and Data dead (no B4)...USS Excelsior picks up crew and takes earth…Absent friends scene…then TNG crew are given new ship in space dock (like at end of TVH) - Enterprise F