I think one of the major problems is that in trying to appeal to a wider audience, more and more of the elements that are most often considered RPG elements are taken out either to simplify the game or because they're deemed unnecessary.
Take Skyrim for example and how most of the stat system from the earlier Elder Scrolls games has been discarded - rather than the newer "WRPG"s actually being RPGs, they're closer to other genres but with some minor RPG elements added into the mix. Perhaps it could be considered the genre evolving, but to me, an FPS with RPG elements is still an FPS with RPG elements, not an actual RPG.
Another factor to consider is how many larger companies are trying to appeal more to casual gamers with their single player storylines, whereas multiplayer is thrown in on top to "appease" the hardcore gamers. Apparently us hardcore gamers just want to grind or something? (citation needed) As a result, we end up with shorter storylines and a stronger focus on flashy gameplay elements.
Of course, that's not to say there aren't still gems being produced, but this is just part of my take on the whole thing.