Lots of truth here.
Without 'fear of death' systems (we'll call them), a 'dangerous' overworld is nothing more then troublesome. At best, it takes more time to get from point A to point B, as you have to be more careful and take it slowly. At worst, you have to actually gather a group just to go after a quest, something that's likely solo in nature.
All serious content in this game is instanced. It prevents kill stealing. It prevents spawn camping. The exceptions are FATE's and Hunts... and look how well received those are by the community.
What you want isn't here. Can't even really 'exist' here, not in a way that I see possible at least.