As has been mentioned a million times before by Zehn and other apologists, most of this stuff exists in modified forms in every game.
The primary reason that it all took on a different significance in EQ were the time sinks.
The grindy nature of gaining XP, of traveling, of getting items, of tradeskills...the grindy interminable nature ofeverything....that grossly inflated the value of successes and the costs of failures.
The concept of risk versus reward is gone now. There's no risks. When the game is 90% fun and 10% work your time feels well spent, even if you risk losing some of your progress at times. EQ was 90% work for 10% reward so there were unacceptable risks that weren't worth the loss of time investment, both the sunk cost and the future cost of fixing your mistakes.
When XP is a fun and engaging process, even XP loss on death wouldn't sting as much as it did knowing that you just lost the reward for three hours of unbearable boredom when that bubble disappeared and you had another hour or more of tedium ahead of you just to make your character playable again. (Yes, I know, 90% res and corpse summoning, but most of us didn't really have those things to count on as a given while leveling up, only once we were full time uber raiders. Something many players never made it to, believe it or not.)