It's been both a retread, but I feel a reimagining. Take the NWO vibes with a mix of the "Primarily foreign invader," sense, being what Japan sees American wrestling as. Loud, brash, gun loving, interference, but because of New Japan's booking, they were able to exist longer without getting stale as fast. There were other factions to fight with. Even when they had a lot of members most of them made sense and filled a role.
Arguably, I say they are better than the NWO in terms of consistency and quality. Ten years and even with some downturn, it wasn't as extreme as the NWO at their worst. Each previous leader gave a different feel with different storylines. I think if it wasn't for the Pandemic, they'd be in a better spot. Since once the pandemic came, many American stars couldn't make it for a period of time, so they put Evil in the group, spawned the House of Torture, and BC sort of lost its identity by then. Jay's return to Japan gave them a decent jolt, but they lost a lot in the time between and momentum. Now, Jay White, who really came into his own as leader (but unlike David Finlay, he at least was booked like a potential future main eventer before becoming leader) is gone, so they lost a lot of luster due to it.