The version in First Contact was fine. She was basically just an avatar for the Collective, possibly a gestalt consciousness. As she said, "I am the Borg." The problem is later writers didn't get that.
If i were gonna write the Borg going forward, I'd have the queens be a failed experiment to elevate one drone to the role of tactician specifically to deal with the Federation. It didn't work, so they don't do it anymore.