The Matrix never gets old. Each time I watch it, I uncover and learn new things, underlying analogies that can be applied to our world like slicing through layers of an onion.
Neo slowly came to realise how shallow and superficial his current Reality was so he began to look inwards to himself and look for answers to his life’s purpose. That started with confronting his Truths head on by swallowing the Red Pill. In a way, his old-Self died after taking the Red pill and he was reborn anew into a world where machines and AI harvested humans as an energy source while retarding their awareness of their current situation by making them believe that the Matrix was all that there was to their Reality and nothing more. Another religious interpretation could be that Neo was baptised as soon as he woke up from his artificial pod as soon as he took the Red pill, realising in horror that most of Humanity was unaware of its slavery.
You could say the Matrix is an analogy of Mass media as, apart from informing the Public in a limited role, its main function is to encourage division among people with different beliefs/ philosophies and to warp the Realities of its viewers by feeding them with limited, biased information.
You could also say the Machines are like the Elite and their enforcers (police, military etc) whether in the triangular Capitalist or rectangular Communist/ Fascist regimes. The Machines are cold and unfeeling, much like some political/ corporate leaders who are psychopaths and who own the Mass media, controlling the flow of information.
The Oracle, who advised if Neo was The One, was really testing Neo to see if he could live up to his potential after Neo saw the sign “Know thyself”. When she told him the bad news, it destroyed his confidence and made his Conscious and Subconscious Minds fall out of alignment. However, when Neo was confronted with the choice of rescuing Morpheus or not, he chose to save Morpheus regardless of whether he was The One or not and that meant he became something more than himself and that his Conscious and Subconscious Minds harmonised, allowing him to unlock his full potential.