You are absolutely right, but I'm talking even bigger picture here. EQ and WOW and many other games are still "kill shit, get loot, level." The pacing of loot acquisition or rarity of loot is an important difference between them absolutely, but it's still a subcategory.
There are MMOs that have little to no loot, and there's MMOs with no levels. There's even MMOs with no (or significantly little) combat. Whether or not they are or were successful is besides the point.
As the Mughal mentioned earlier, "think planetside2" (paraphrase), perhaps they're looking at redefining what each of those things mean.
What exactly that will manifest as, and whether that's good or bad, who knows.
Personally, I don't want an MMO that revolves around raiding for or acquiring gear, which is really what most MMOs are about. I'd even go further than that and say that I don't want a game that revolves around grouping for gear, should a game simply remove raiding. EQ1 and WoW were simply opposite sides of the same coin, and that coin revolved around gear defining who you were at a design level. WoW just took the paradigm and took it to a different extreme; both still were based on the same paradigm.
When I think about the games that interest me anymore, they are becoming less and less about acquiring loot/gear and more about character development, as well as playing as a part of a community. EVE has a lot of design flaws, but it has something that other MMOs are sadly lacking - community interaction and a sort of player-defined social metagame. I mean, I'd rather "play" e-sim than spend more of my time grinding for gear that will be rendered useless in the end.
In my mind raiding should be a rare occurrence outside of high-level PvP. Killing the same dragon animation repeatedly every week for a chance to get lucky on a loot table is complete and utter bullshit. A dragon showing up should be a "OMFG" moment, not one that is simply thrown in front of players in the form of a raid mob. A dragon should spawn and own players, destroy buildings and livestock, be nigh unstoppable and give players a REASON to work together besides
"I want raid loots so I guess I need to find X other people to raid with, unless I play a game with LFR".
Players should, IMHO, be known by what they've done in-game, by who've they've fought for and against. Even if I'm just a crafter, I'd like to be known as someone who contributed to my faction/country/barony/etc by contributing via crafting or whatever else I choose to do. I want people to say
"If you want some really good armor send Big Ern a tell, he'll hook you up with whatever you need. Tell him I sent you". I'd much rather be known and respected in a game for something like that than have to grind ad nauseum through the bullshit gear treadmill, especially knowing that it will reset eventually. Explorers should be known for how they contribute, by finding unknown dungeons or enemy faction movements. It should be that way for every type of player/class. Gear should be important but it should never be the MOST important thing in an MMO, imo.
When I hear people cry about one MMO or another, most of the time it's just another MMO that has gear-based progression, and is yet another in a long line of gear based games. Yet those same people don't seem to understand that they keep playing different games with only the most cosmetic of changes, and they act surprised when they get bored of
"GEAR/XP GRIND ONLINE 5.0". Once you've played one, of COURSE you're going to tire of the others all the quicker until nothing is satisfying and you just flit from MMO to MMO like an old grognard. And it seems like most players haven't yet even grasped WHY they're unhappy with all these games anymore, only that they ARE.
Like, when I first heard of WoD, I wasn't excited at the prospect of another gear/xp grind. I was excited because I visualized starting a werewolf character, and tracking down and killing every emo glitter paperdoll
"look at my new shoes"vampire that I could find. Nevermind that they said there would be no werewolves (iirc), my very first thought was
"create character, define premise for existence, kill emo roleplay vampires". Even if I had to play in a sort of hardcore mode in order to do that I would in a heartbeat. It would be endlessly more satisfying being the terror that howls in the night, feared by all the vamps on a server, than having to grind out gear and XP endlessly in the most boring online existence possible.