A couple of things I thought were VERY obvious: EVE Online is an outlier in every sense of the word. EVE was modeled after Elite, but has no direct ship control like the latter. EVE has a very corporate-y culture, with alliances and politics being front and center. At the same time EVE has a bluebie/carebear side to it in high sec, where you can actually learn the game and build your pilot/character, which - very unusual for a game of this type - is basically timegated without any player interaction. The PvE side of the game flows directly into the territory control and management side, where everything is player farmed and built, and you even have post battle reports on how much a battle has cost each side down to the last ISK.
The key point for EVE online however is the distinction between gear and skills. You need the appropriate skills to use high level ships, and you can totally lose the gear--however you don't lose your skills and are even useful in small and cheap ships. So you never have the feeling of being totally stripped of your agency.
This has never really been replicated by any fantasy sword&sorcery MMO. The nearest thing that would work like that would be somehing like Minecraft with skills instead of pure gear progression.
Another key aspect of EVE Online is the territory control, and the world layout in NullSec. You can basically guard the gates to your empire and have territory control that way. Now think about how you couold transfer a system like that to a fantasy world.
There is absolutely a market for non-competitive social MMO around collecting things. I'd even argue the end game for GW2 (which has no end game gear progression) works that way. It's basically a Pretty Princess Dress Up game, and if you can add that to your MMO you instantly have an additional target audience--as long as you don't force them into competetive things.
It's what kept the lights on at Blizzard for WoW when everyone hated on the BfA to Shadowlands progression, which culminated in the fallout of the player base.
Again, see EVE Online: They actually require a lot of PvE to fuel the PvP. It's just that the progression side is split between gear and skills.