There's a case to be made for dueling what is essentially a post-scarcity socialist Federation against the embodiment of capitalism-as-cult.
Conversely, the Borg are in a way aspirational-- growing and assimilating knowledge and improvements seems a bit higher of a goal, but their presentation comes off ham-fisted.
I feel like there's a missing explanation of why "assimilating the diversity" of a civilization needs to be a total stripmine rather than taking a few (potentially willing) representatives and regularly coming back in case anything new evolved, like binge-watching a civilization every few years. The stripmining aspect seems necessary to make them recognizabily villianous-- the enemy of sacred individuality rather than just data hoarders whose homelabs turned into giant cubes.
It does feel like Latinum is very much a MacGuffin for undermining a huge amount of "we have virtually infinite free energy and can replicate anything we need" worldbuilding; they needed a way to make 24th century capitalism seem remotely plausible.
I've always assumed that the Borg were once a truly egalitarian faction. One that seeks out other points of view in order to invite them into a collective where every voice has a share in the overall direction of the whole.
I could see such a collective evolving into the current Star Trek Borg if things like fascism take root. A rabid xenophobia of thought that seeks to destroy any 'wrong-think' within the hive mind.
It would explain a lot of the problems that the Borg seem to have. Why they never seem to learn from their mistakes despite their adaptability, why they all share one mind despite their quest for distinctiveness, why they have a single load-bearing queen despite their usual priority of hyper redundancy in all things.
It still gets me that the Ferengi were mostly unknown to the Federation, yet by the time of DS9 they're almost a widely known cornerstone of economics in the Alpha Quadrant.
They had no idea what they wanted to do with Ferengi in this episode. By the end, they are downright feral. Wearing furs and jumping around screaming like cavemen. After watching them in later episodes, this one just feels really weird to see.
I forgot that detail lol. Let's take energy weapon technology that can shoot in a perfectly straight line...and artificially limit its range and utility.