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Well that's my conclusion after thinking about it.
While MMO do well and sell well, they are not really MMO anymore, they're all small scale dungeon instancers (LoL, Vindictus), solo quest grinders (WoW SWOTOR), , or glorified action Hack & Slash multiplayer games (Tera, GW2).
I haven't seen a game with a true community where the primary focus was the world and human interaction and the gameplay came second in MMO in a number of years. Now the gameplay is frist and if it isn't too much trouble maybe you'll be interacting with someone too, and if no ones interacts, join an artificial bubble called a guild and interact in the bubble.
Most people don't need MMO to interact online, there are plenty of chat opportunities, facebook, twitter, disqus, liveFire, forums, email, messengers, smartphones, youtube. You have all these ways to interact with people you want, there is way too much noise to make a world where people will be truly immersed and willing to spend time with each other in a game outside of gameplay.
There's no need for it anymore, there are thousands of other and arguably better ways to interact online.
I think the term MMO lives on even though the games are now becomes multiplayer action games, but the idea behind MMO is long gone I think, it's replaced by other communities online that are far easier and more effective way to interact.