I feel WoW is a few steps away from being great but has a weird direction and is not sure who it's trying to please most.
Like if you added more value your time and less FOMO to WoW, making it /more/ casual friendly, fixing up Garrisons to also include a housing component, ensuring using alts was essentially like changing your job in FFXIV- man I think you'd have some SERIOUS competition in that field of players. Stop being so weird with the story would be another. Like even on a bad day with FFXIV story I think to myself "at least we're not WoW" lol. There are good stories in WoW in the past and current, but it just seems like the quality and more particularly the referential quality is really all over. There are a lot of things the game does right, better than FFXIV I'd argue, but there are a lot of things that I look at WoW and I go 'hahahaha nope, smack me in the face and tell me in a more clear way you're trying to manipulate me and mess with my time".
One point that might be harder to 'fix' is they've seriously burnt their good will credits. So every 'meh' action is met with a lot of very negative media (more than FFXIV would have had for doing the same thing). I think Blizzard needs to be biting the bullet on a few things to gain that back, but clearly whoever is rolling in the cash at Blizzard doesn't think so lol.
Alternatively lean more into the crazy hardcore raids, though my supposition on that is it was, for all games, and will always be, the minority- so I'm not entirely sure going all in there is the best idea if you're wanting to gobble all the cash lol (particularly now that MMOs are frequently being designed with other groups in focus, back when WoW was young WoW was actually 'the' friendly MMO for casual minded players). BUT if you did that at least those players would have a home like no other, and you can see those people have pretty epic high energy stories that mean a lot to them. Like to me- the guy who leads WoW has an obvious bias that is clearly put into the game (he's pretty hardcore raider, at least in a general sense of it- like Yoshida but I think Yoshida does better separating his own personal desires over what might be good for the game.. even with people up in arms about BLM), so there is a lot of FOMO and a lot of content directed at a narrow band of players with large bias to many rewards on top of it with sometimes quite unfriendly reward systems (WoW has waffled a few times and I have read about quite friendly systems, but it seems they then remove those so.. yolo). That they have the Garrison system and have for a while been like "housing doesn't fit into WoW" is evidence to me that perhaps they had (imo) misaligned perspectives to what is more and more a majority type environment (be friendly to your casuals, respect people's time, stop trying to scare everyone with FOMO, making a place to call home away from home is important, stop showing up as the company that preaches to players but then harasses their own employees, wild ideas..., etc).