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Creating a new Server with a new ruleset could push ESO from 0 to Hero.
First off, let me say. 1-50 was the best leveling experience I have had, ever. The ES lore was abundant, the World is detailed for an MMO, not so much for an ES game but that is to be expected.
There are books, letters, diaries, lorebooks, quest dialog and interesting characters. The story was personally more interesting than Skyrim's/Oblivion/Morrowind's main storyline. Molag Bal sewing unrest in Cyrodil while Meridia plots to help humanity defeat Molag Bal is a pretty solid Storyline. I loved the zones, they are a bit too cluttered for my tastes, but I think they work with some imagination on my part. There was always something to do.
ESO's main faults are Cyrodil PvP and lack of purpose, no gear, no xp, it's basically just for fun or I guess you get something after 90 days, not sure, didn't stay that long. Another fault is Vet content, which if they started a new server, they could completely remove. I hate it, with a vengeance. It is Zenimax trying to keep subscriptions and trying to be inconspicuous about it.
Remove the main storyline, Open up the entire map at level 1 (maybe disable fast travel for more immersion). Crafting/Gathering rewards XP, Grinding rewards XP, PvP rewards XP, Open World PvP including faction missions & Dark Brotherhood quests and player assassinations in some manner. Include Theives Guild!! Steal from other players. Create a Justice System. Create open world housing/farming
Make Level 50 the MAX, but make mentoring, or voluntary level reduction a possibility to assist with playing or helping friends/guildies and being rewarded for it.
This would be a stretch but I think this would make ESO so much better, almost what it should have been. It would take time, but would it be impossible? Surely the hard work is already there (the world, the enemies, the classes, the combat system, the ai). Creating structured content that is repetitive and will be eventually chewed up by players, will result in people leaving. Give them a playground to make their own adventures, and you will better retain your population.