Honestly thinking about it, comparing wow to Fallout 76 would honestly be more accurate.
FO76 is online multiplayer, and arguably semi MMO status.
FO76 gives you insane amounts of loot from legendaries, but most of it feels unrewarding as your looking for specific pieces.
This exact same thing applies to M+ of BFA where your handed tons of loot, but never getting that one thing you need.
Don’t get me wrong, FO76 has come a long way, and I would argue is one of the best online games out there at the moment. Absolute shocker I know, but Todd really had these devs put work in and it shows.