It was a one-time trick.
Strip away the nostalgia / 'memberberries and I don't see what's left to be so impressed with. Picard ran roughshod over all my favorite antagonists - Q, The Borg, The Dominion / Founders.
The pleasure seems to stem from simply seeing the familiar again, rather than a story featuring the familiar that was actually, erm, good!
I think Trek's all memberberried out.
Alternatively, I would suggest that PIC S3 would probably be far more impressive
without the nostalgia.
At its core, it's a conspiracy thriller. It's
Invasion of the Body Snatchers meets
Hunt for Red October. That, in itself, is an impressive foundation. You might say its derivative, and I would agree, but where would Star Trek be without Horatio Hornblower?
Let's strip out the TNG cast, Moriarty, Project Phoenix and the Enterprise D. You're left with the USS Titan, fresh out of dock. A disciplined crew, a familiar first officer (we have to keep Seven) and Captain who is plagued by his own past. The antagonistic relationship between Seven and Shaw is what the Discovery writers wish Rayner and Burnham was, and it could've filled a lot more run time than it did. I'm picturing Hackman and Washington when i think of how far it could've gone.
Raffi could've been the main link to the conspiracy plot, captaining the Eleos and enlisting Seven's help without Shaw's permission. Then pretty much everything would play out as it did, including the cat-and-mouse submarine-style action and the paranoia-soaked plotline.
You can even dump the Borg and the Dominion, replacing them with other shape-shifters and a techno-organic main antagonist. Perhaps the extra-dimensional tentacle bots from PIC S1? I don't know, the sky is the limit.
It can work, without the memberberries, absolutely. In fact, I think a lot more people would get behind a 25th century continuation if it had been this way.