To be fair, I think the original storyline of the franchise could have been saved if they bothered to put that kind of budget into it. Going from 35-60million budget to 150million.
The newest one also had better space combat and the special effects on the other TNG movies didn't compare to the newest one. And special effects hadn't gotten THAT far ahead of the last TNG movie.
They also updated things a bit with the newer Trek for newer audiences to help pull in a bigger crowd.
One thing that always bothered me with ST (and I enjoy it) is that for being in the future, everyone always enjoys classic/jazz music over what is popular today.
Seeing Kirk listen to Beastie Boys (though admittedly it was a Beastie Boy song over a decade old by the time of the movies release) had me saying "OMG! FINALLY!"
Star Trek: First Contract while still a much older song, at least had someone listening to a 60s/70s song over classic/jazz music (and I don't even hate these style of music, though admittedly not a big fan either).
The older Star Trek movies always felt more like extended episodes rather than movies. This didn't make them bad for me, but I enjoy the series. I can see why it didn't bring in a lot of non Star Trek fans however.
2-4, and 8 were the only real good ST movies. The rest were range from terribad to meh. So the whole "lower budget" thing is a crock.