Shit like Destiny, The Division, Conan Exiles, Fallout 76, Anthem, etc are the "new" model. Lower server populations, more focus on "lobby to adventure" sessions, cosmetic microtransactions vs. p2w
Just to try to think about earliest case scenarios, and in terms of actually rolled out, well funded games, wasn't this SWTOR? It certainly wasn't p2w. Where exactly was the shared world? It was a few game components stapled together. A solo game + mp. But let me cut to my chase.
This simply isn't a persistent, shared world. If there isn't a persistent shared world it has left the system of game that resembles at all the mmorpg genre. Once we get to where we are talking about servers as lobbies, and sessions instead of "being online" simply vs not, it is a model that goes back to Quake and the many clones. PvP, teams, etc. It is not seeming we are talking about a "new" model here. To attain a genuine persistent world is the sine qua non. That's right.
sin qua non
the modern gaming scene does not have MMOs, because the designers "know" they have to offer specific, discrete, obvious objectives all the time, and they can't be arsed to design a game in which those objectives exist all at the same time.
And that is the rub that creates the problem of why it is hard to develop a persistent world, right there. Everything has to be coded and staged, in a shared environment. If you click on an npc to ask a question, you do not go to a cut scene or instance where you personally chat with a long dialogue tree of who give a fuck. Only Baldur's Gate and it's clones gets to do that, b/c that's single player shit.
So, if you click an npc to ask a question, in a real persistent shared world, the person next to you will be able to tell you asked the npc a question, and maybe overhear the conversation. Because that is how fucking goddam reality works and that is another essential ingredient: these games have to model real life in some way. Events happen in place x, anyone in place x can see it. You drop something, someone else can pick it up. You charm, equip, and superbuff a hostile npc in a newbie zone then gate out, those level 10's better figure out a plan or prepare to die a lot over the next half hour till the buffs run out.
But it must be incredibly hard to figure out how to actually do that. They have to create individual, highly complicated content ad objectives that never leave and so are always happening alongside of, the shared world with all the other players.
tl;dr. Session games are not a substitute for the "ideal" that might be dead now, but stranger things have happened, and it might be re-invented. It can happen. Session games are not persistent world games. And persistent world games require maximizing
shared world persistence.
Shared world persistence then can lead to integral social interaction and cooperation and competition. But then we run into all those problems. Boxing. Griefing. Not enough content. What does one actually do in this world? I think certain old aspects are definitely dead: like EQ having basically, just grind exp till you can get to the end zones. Other than a few lucrative early tradeskills (like JC -- it was godly first year) that was what you did.
Clearly, we need to
develop the "life" of the shared world persistence. You can do that like Eve does with all the sheer maintenance massive persistence in it requires.
But that is where the imaginative action is, is my argument. Market realities be damned, if you could create a shared world persistence people actually wanted to be in, they would come.
What's the "world"?