It's generally considered to be the greatest film because of all the technical stuff in it that it invented, not necessarily because of how much people enjoy it.
When I first saw it, I had high hopes and was left feeling a little empty, so I had to ask someone why the movie was considered great. That was basically what they said.
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Pimpin' still Aint Easy for this Pimp Daddy, even after 11+ years on GameFAQs