Given that Russell's paradox exhibits a contradiction in naive set theory, the interpretation of the binary relation "∈" called "membership" (where the expression "x ∈ m" is pronounced as "x is an element of m") is irrelevant. We could think of m as being like a bag of stuff and interpret ...
"x ∈ m" to mean that x isn't in that bag.
... and the same contradiction would arise regardless of the new way of thinking about the meaning of the primitive (i.e. foundational, rather than defined in terms of foundational concepts) concept of membership.
The usual explanation of why Russell's paradox arises is designed to motivate a particular approach to set theory, an approach that is hoped will not be discovered to be logically inconsistent, either in the form of ZF, or when additional axioms have been introduced and accepted in order to deduce hoped-for theorems such as Riemann's conjecture.
The usual explanation is that you simply cannot have a bag or "set" that contains every set x satisfying (x ∉ x), because that would be too much stuff in one bag or set. By invoking a connection between "bigness" and "infinity" and the ancient taboos against infinity, the explanation seems to psychologically satisfy some students of mathematics.
However, given that naive set theory is logically inconsistent, it remains inconsistent regardless of the interpretation. It's inconsistent when we interpret ...
"x ∈ m" to mean that x isn't in that bag.
So, clearly, the problem isn't that we cannot have a bag or set that has as elements some unacceptably large infinity of elements.
What are the essential bare minimum demands beyond consistency that a system of set theory should fulfill? It seems that those bare minimum demands should be discussed, and that there has been a process of looking for premises that will allow those bare minimum demands to be fulfilled. The axioms (such as for ZF) aren't self-evident. They are in a sense rationalizations, designed to reconstruct theorems already believed to be true prior to the invention of the premises.
Ordinarily, we proceed via premises with the understanding that any defect in our premises may call into question the truth of our conclusions. So, if we are going to build almost a whole subject area upon some one system of premises, and generally proceed as though there is no point in considering alternatives until after some consensus has been obtained in favor of the alternatives, then we really ought to believe that the premises are true. Students of mathematics who see the premises as conjectures have no particular reason to be impressed by various deductions -- using deductive logic applied more carefully in mathematics than in any other subject area -- of conclusions from those premises. Students of mathematics will naturally see the conclusions as supported by something, but not as definitely true.
Russell's paradox historically arose as a counter-example to Frege's simple assertion regarding the existence of sets corresponding to properties. Typically, when a very clear counter-example is provided for an assertion that seemed to be obviously true, the counter-example is surprising, but not too surprising. The assertion is usually accepted because it conforms with some vague ideas, and a picture emerges based on a small number of examples. A counter-example simply tends to show that the examples people had in mind when they were persuaded to accept the assertion was a rather impoverished set of examples that doesn't have anywhere near the richness of possibility encountered among the mathematical possibilities.
Is it possible that focus on Russell's paradox to the exclusion of other paradoxes of naive set theory has contributed to both narrowing the focus and motivating people to accept a system of set theory primarily because there doesn't seem to be any way to deduce -- within that system -- the contradiction that arises in Russell's paradox?