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Well then now I have a potentially useful question.
tl;dr Meaningful is a function of skill and in a competitive game setting the 'meaningful' slider to something that doesn't punish the average player results in no change long term.
The problem with MMOs is that generally their 'difficulty' is a weird function. You have to make it so that players don't have to be 100% at all times even in their combat, but gamers have a huge skill range. But then if the dying isn't the interesting part, what do you do?
I'll use MOBA anecdote because it's easy, I'm not really saying that MOBAs specifically are related to your topic, it's just that I can't think of a 'single player' game that feels hard without self imposed challenge, so:
A good Carry in Predecessor in a short game usually kills 10 opponents and dies maybe 5 times depending on how much escape their kit has.
An average one kills about 6 opponents and dies maybe 5 times.
A poor one kills 3 people and dies 15 times, and a genius one might kill 12 people and die only once. That genius one is never even thinking they're in danger. There's no adrenaline rush for them, it's just 'another day at the office'.
If you make an MMO where the GENERAL open world experience is dangerous to the AVERAGE player you haven't changed anything about the experiences of the people who tend to talk about the game. To those people (who are usually the 'winners' on a server in a competitive game) everything is still easy, and because things are easy to them, for their average opponents, every encounter with them is 'extra hard'.