IMO the Matrix's success got a big assist from timing. It was the summer of 1999.
The nerd culture had built itself up for some kind of sci-fi religious experience with Star Wars #1. Then #1 was a huge disappointment to teenagers. They were too old to like Jar-Jar Binks but not old enough to forgive SW for catering to kids. It left a big craving for an R-rated teenager nerd sci-fi thing. The first Matrix happened to be right there to deliver it.
Even the SFX thing was part of it. SW#1 had gotten a lot of press for groundbreaking CGI, and that was true. But the SW effects were made to blend in & not be noticeable. Whereas the Matrix did bullet-time and put it all in your face. It was less advanced than Ep#1's effects but it was flashier.