Owned it. It was campy fun even then but WCII and WC:Privateer were far and away the better games. III was one of many attempts at a game-movie crossover that never really worked imho. Privateer is the basis of EVE online, Star Citizen and countless other modern titles. In terms of influence it is up there with SimCity and Civilization. https://en.wikipedia.org/wiki/Wing_Commander:_Privateer
Privateer was a lot of fun. I remember playing it and the sequel. I'd be interested to see more behind-the-scenes of Privateer 2. It also had FMV and (from what I recall) had this sort of campy sci-fi TV movie feel. Great game, although I'm hesitant to look at it without the lens of nostalgia.
You'd probably be interested in Rebel Galaxy Outlaw (2019). It's extremely Privateer-influenced.