When it comes to bullet time, most people think of The Matrix (1999) because of its slow-motion, 360-degree action scenes. But the technique actually first appeared in Blade (1998), a year before The Matrix hit theatres.
This vampire fight sequence in Blade presented an initial version of bullet time to audiences. The filmmakers used time slowing techniques to record the fight from various angles which resulted in a more intense and stylish sequence. The action filmmaking industry made progress through this early attempt although it lacked the refinement of The Matrix.
The initial time manipulation experiment demonstrated that filmmakers were already exploring new ways to handle time and perspective. The understated influence of Blade in 1998 established the foundation for bullet time to become a popular trend in subsequent blockbuster films.
The time-slowing action sequences that The Matrix popularised were actually introduced to audiences through Blade one year earlier.
Further Reading:
https://en.wikipedia.org/wiki/Bullet_time#History