There might be lore reasons for it never having been restored, but the biggest reason is likely because of the technical problems associated with it. As I’ve detailed in an older post (with pictures!), Stratholme occupies the same space as Deatholme in Ghostlands and they probably want to get Eversong+Ghostlands merged into Eastern Kingdoms mainland before they do anything to fix Stratholme, because both require major map surgery.
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