Oblivion and Skyrim have a superior system because you can just click on a map? That's precisely what makes them so inferior. Morrowind's fast travel system is an actual game mechanic that the player needs to engage with. The player needs to learn the Silt Strider and boat routes to travel efficiently (that is, without wasting money) and also needs to learn how those two system interconnect, since some settlements are ONLY able to be travelled to by boat and others by Silt Strider. In addition to that, a big part of Mark and Recall is the decision-making attached to WHERE the player puts their Mark down. Is it their home? Their quest giver? Or is it some other point on the map that allows them to use Divine and Almsivi Intervention to travel around the island in the least possible steps? It's all well and good to stick your Mark down in front of Caius Cosades while you do the first part of the Main Quest, but Balmora is really easy to access by Silt Strider, so you're only saving yourself a small amount of gold and time walking from the strider port. One of the more interesting places to put down a Mark is actually in the Molag Amur region, where Divine Intervention takes you to Sadrith Mora, and Almsivi to Molag Mar. A Divine Intervention from Molag Mar then allows you to chain travel over to Ebonheart.
It's so much more in-depth and interesting than Oblivion and Skyrim's system, that to claim the latter are superior means you actually dislike video games or that you're being deliberately obtuse.
It also manages to capture some of the fun and spirit of actual travel, figuring out how to get from one place to another in the world in that fragmented way. I can’t think of any other game off the top of my head that does that.