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I dont truly think its just the mmorpg genre that sucks in a whole, I think DEVS have themselves in a bad spot, they are too focused on graphics than gameplay, some of the best games of our time had little focus on graphics and more focus on gameplay. Why do you think the final fantasy games, the resident evil games are all sucking currently, they are focusing way to much on cutscenes and graphics, making gaming today more of an interactive cinematic experience rather than an actual game, gone are storylines, gone are days when people had hard gameplay and actually were frustrated, spending days on a level or area trying to figure out what to do next.
Sadly I think gaming is at a place right now where I dont see too much recovery, I mean look at games today, there are no more tradtional rpgs, no more thinking mans games, next gen systems WIIU, PS4, XBOX 720 there will be no more rpgs we know it, and action/adventure games will just be an interactive cinema.
Gaming is on life support and no one wants to be the one to pull the plug.