Lots of veteran developers really love MMORPGs because they believe online RPGs come closer to simulating reality, as is evident from this interview in particular. Personally I disagree with that, but that is also the case for Robert Woodhead, Richard Garriott and many others from the first generation of RPG designers.
Infinitron had a good theory about that when we discussed it in the staff forum. If he feels like it, he'll post it here himself.
So yeah, a lot of the "first wave" RPG designers went really crazy about MMOs. That is understandable from a historical perspective, even if it clashes with the Codex's stance on MMOs and MMORPGs.
From the historical perspective, a lot of the early designers were big fans of pen and paper Dungeons and Dragons, and wanted to emulate that experience into video games. But that experience could never be fully emulated because it required gameplay with a Dungeon Master and a number of friends, while early CRPGs might have one player playing a number of characters against the game program, which acted as DM.
In theory, MMORPGs should solve this issue since now multiple people can play together against the computer DM. But for the most part, MMORPGs introduce a new problem. In pen and paper roleplaying games, the Player Characters have a permanent effect on the campaign. Lord Evil is slain by the heroes and his minions scattered, while the party make friends with King Nice, who gives them some land and a keep to maintain.
In an MMORPG a permanent effect is not possible. It doesn't matter if the PCs kill Lord Evil, because he'll just respawn for the next party. Stopping his minions won't matter, because whether or not they destroy the local village is a set event without the characters actions mattering. In the single player Baldur's Gate series, I may have played one Bhaal spawn among many, but when my master died it was permanent. When I killed his murderer Sarevok, I found that his actions and my own made a permanent impact on the game world. Later, I was given a keep to manage, which had its own notable impact on the game's flow of events. The game and I reacted to each other.
But an MMORPG has so many players that permanent changes to the campaign world are not possible. Because every player expects to be treated as the hero of their own story, but it's impossible for a campaign world to revolve around thousands of players at once. But the hope of making an MMORPG emulate tabletop play is still something really hoped for by the earliest developers. It's like the philosopher stone that could turn lead into gold. Everyone thinks that the answer is close, but no one seems to be able to make it happen. Eve Online may come the closest, as there is no narrative outside what the players create for themselves, and changes made by them are permanent due to the nature of that game.
But how do you emulate fantasy tropes into an enjoyable CRPG? You can play Frodo and his companions in a single player CRPG and make it all work. You won't be able to do the same with thousands of One Rings being carried by an equal number of parties, all marching towards Mt Doom along the same path and be able to create the same sense of desperate crisis and feats of heroism that you would in single player games.