How does that explain time travel?
Maybe the other Ones had different powers. From Merv's reaction in Reloaded, I don't think the others could stop bullets. Maybe if John Connor was the One, he could reverse time in the Matrix.
But then the Digital Self and minds of everyone in the Matrix would have to get younger, and it would just be screwed up.
So yeah, this is a really stupid discussion. The Terminator series might have had some influence on the Wachowskis, but there are other movies that obviously had more.