Aquanox, aka Archimedean Dinasty 2. It's a space combat 'sim', except you're under the sea.
The surface has become unhospitable to human life, so humanity now lives below the ocean. You're Emerald "Deadeye" Flint (which tells you all about the writing you need to know), a mercenary/secret agent who does missions for various factions to keep the underwater cyberpunk civilization 'Aqua' from tipping over the edge.
I couldn't be fucked to set-up my joystick and KBM was too uncomfortable, so I tried the 360 controller configuration PCGamingwiki provides and it works great. Navigation is still awkward, but I can do the missions without too many retries now.
I do however end up in boring damage races a lot, locked face to face with the enemy, rather than exciting dogfights or long range engagements. Seeking torpedos are scarce and expensive (I prefer to save up for ships or powerful guns), and you have no lead indicator, so this might just be the way they expect you to play.