Dark City didn't have as big a budget but it came up with the idea before. It's a better film. Just didn't have as much cool factor for its time. However, Matrix has aged like milk on a hot summer day in that regard. Dark City aged just fine like wine.
The Matrix was spectacular when it came out, but it's mostly the action scenes that define the movie. The 'story' parts are actually quite boring and drawn out. Dark city keeps me clustered to the screen for the whole movie. The atmosphere is perfect and every time I watch it I notice more details. The Matrix is the opposite and when I watch that I just feel like fast forwarding to the helicopter scene etc.
Anyway now Keanu Reeves is spoiled by CP2077, The Matrix is out. The sequels were the coffin, CP2077 added the nails. Matrix is done.