Nope. It didn't--and doesn't. Not as a Law enforceent operation, not in a tactical sense, and certainly not within a legal and Constitutional framework.
Not one thing about it made sense.
Frankly, that scared a lot of people, but the response was not one of cowering in corners, but drawing up contingency plans, what-if scenarios, and the bad guys in those scenarios were wearing badges of one sort or another.
All that could be viscerally understood (the common sense level) was that the government had this power, they were willing to use it without regard to the law, and you'd likely end up dead if a whole bunch of friends didn't cover your back.
So, the whole while Clinton was ranting against evil 'white supremacist'* right-winged militias, his actions were spurring their creation. *This "white supremacist" bit was proven a mischaracterization, too, as the head of the Ohio organization was black, the Montana Militia guy was married to an American Indian, etc.
Mostly, though, there were isolated farmers and ranchers, who had outbuildings (A Compound!) and who knew they were not well enough understood in TV-land and cities to avoid being demonized in the press with sweeping allegations of most anything from beastiality to running a cult to illegal whatever.
Sheesh! If this could be done to a church group, a branch of the Seventh Day Adventists (Hence, Branch Davidian), what could happen to some farmer or rancher, any time someone somewhere decided they wanted their land.
Needless to say, such a display of unbridled and unrestrained force as Waco (and the blatant actions of the FBI involved in taking over the op which reeked of coverup) caused conspiracy theories to abound as well.
In the event any POTUS signs on to an "assault weapons ban", you can pretty much expect that sentiment to be revived, especially if someone expects anyone who owns a firearm today legally to give it up tomorrow.
Needless to say, such a ban has the potential to create an entire class of 'criminals' out of otherwise law-abiding people, and even worse, the potential to get a bunch of people hurt or killed.
Just as Waco was unnecessary, so is further gun control, and all the ugly things which would come with it.
One interesting aspect, is that the media (and the Clintons) played rural folks off of city folks, taking full advantage of the cultural rift present to demonize rural residents in the eyes of urban denizens.
A shed, a workshop, a barn and a house became in the eyes of the media an "armed compound", and the hyperbole escalated from there.
Those were sad days for this nation, and for any respectable L.E.O. out there.
And like you, I fail to understand why an allegedly "crackpot" preacher in Texas garnered the attention of the POTUS, Atty. General, etc. The whole thing should have been a local op, or at least been started as one from the start. My bet is that just the sheriff and a couple of guys coming up to the door could have gained entry, said they'd need some help after a couple of minutes, and trickled in enough people over the course of an hour or two to secure the building without ever drawing a firearm.