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So one trend I've noticed in modern MMORPGs is that they all seem to have some form of a "you are the chosen one" story that every player is expected to play through. In fact, in many MMORPGs, even the run of the mill quest are of this variety. And to tell you the truth, I think this is one of the WORST things that has happened to MMORPGs and here's why...
1. Personal stories naturally clash with the persistent, open world concept of MMORPGs.
The whole idea of an MMORPG is to have a persistent virtual world inhabited by real people. In contrast to single player RPGs where people may play to hear a great story, in MMORPGs people play to "live" in the virtual world.
And when you try to add a "you are the chosen one" style story to this concept, it just doesn't work. While you are on your quest, you see other players in the world, but you know that they are also "the chosen one" but for another world personal to them. Sure, you can cooperate with the other players, but they have no real context or impact on the world you are playing in. If you have a quest to save the farmer's daughter, she won't be saved until YOU do it, even if you witness other people doing it beforehand.
This just works to destroy the immersion of both the story and the world. You feel less immersed in the story because you see tons of other players completing your objectives before you get around to it. And you are less immersed in the world because it's clear that the actions of other players in the world have zero impact on "your" world.
2. MMORPG stories are typically lower quality than their SPRPG counterparts.
MMORPGs are huge, very broadly focused, endeavors. Because of this, any one part of the game tends to be inferior to games that can focus more tightly on that one thing.
Story is no exception here. Stories in MMORPGs are infamous for being dull, cliche, and normally vastly inferior to SPRPRGs that focus on story much more. MMORPG stories normally prize quantity over quality because of the need for a lot of replayability...and it shows.
In fact, I think if you were to judge the stories of most MMORPGs on SPRPG standards, they would seem absolutely horrible. Because of this, I would normally MUCH rather play an SPRPG if I want to get a good story.
3. Long-term MMORPG players don't play for the story.
You might think I'm making a bad assumption here, but think about it. Most folks get through the story content of an MMORPG in a month or two...yet people play MMORPGs for years. Clearly, these people are not playing it for the story, if they were, they would stop once it's over.
No, long-term MMORPG players play for the world, social aspects, grinding, etc...
So in conclusion, I don't see why so many devs feel this obsession with having to put a "personal story" in their MMORPG when it basically clashes with everything an MMORPG should be, is normally inferior to other games due to lack of focus, and isn't even the main reason why their most loyal customers play.
In addition, modern stories are EXPENSIVE. They require loads of voice work, animations, writing, etc. Imagine how awesome a AAA MMORPG would be if they used their huge budget on making a persistent world with tons of things to do that never ends, as opposed to making an incredibly expensive, sub-par, one shot story that you will probably never want to play twice.
Are you team Azeroth, team Tyria, or team Jacob?