Yeah, that movie basically turned the Borg from faceless nearly unbeatable threat to something you could have a chat with and it might tell you how amazing the Borg is.
Another way of thinking about it is this:
The Borg as originally depicted in "Q Who" and "The Best of Both Worlds" were essentially, from a literary perspective,
monsters -- that is, they were plot devices that provided a threat to the characters, but had no real personality themselves. Their goal is just to kill you, nothing else. Like all monsters, they were scarier the less you knew about them; full knowledge of a monster and its abilities takes away the mystery and makes them less scary. That's why the mostly-unseen xenomorph in
Alien is so much scarier than the fully-seen, fully-understood xenomorph of later movies like
Alien vs. Predator or
Alien: Covenant.
Star Trek: First Contact transformed the Borg from
monsters into
characters -- beings with motives, who have subjective points of view, experiences, and a culture of their own. A very different, very alien culture, but still a culture. People.
In a way, that's actually very true to the spirit of
Star Trek -- because if they're people, then that introduces the possibility of peaceful coexistence or even cooperation.
Star Trek is about many things, but one of the is the idea that "the Other" is not a monster, "the Other" is a person for whom you can experience empathy.
The Borg will never again be as scary as they were in "Q Who?" and "The Best of Both Worlds".... but they were never going to be as scary again anyway, no matter what, because the mere act of seeing them again robs them of that ability. The fact that the xenomorphs were never as scary again in later films in spite of never becoming true characters proves that; repetition of the monster removes audience fear. So if they can't be scary monsters anymore, they might as well become intimidating people.
