Its no secret to anyone looking into it that world of warcraft lore has taken a lot of concept from the works of H.P Lovecraft, and not just the old gods but many other concepts in the games story that bears similarities to stories from lovecrafts stories.
I figure this is a good time to ask this since old god themed patch we're in now, ideas like being driven mad by whispers and things you see, incomprehensible creatures, concepts in the waking world and in the dream world, being beyond the scope of mortal understanding in the universe itself.
However the problem with these interpretations in a game like warcraft, is it kind of doesn't do a service to the original concepts lovecraft created. Anyone whos read his works of brief summaries of it, would know the concepts in his writing stem from the perspective of the people in them, how they see these things and their reactions to them. You could argue much of the horrors in lovecrafts cthulhu mythos comes from the minds of people in the time of which lovecraft wrote them, their more limited understanding of existential concepts, given over to why people were driven mad so easily in his works of horror.
Basically because its horror and things beyond comprehension, you take that angle from the narrators perspective of the horror. (also the less said about the more racist elements of lovecrafts work the better, but it also was a product of its time).
Many genres today take the concepts of lovecrafts work and use them freely now to make their own versions of this kind of existential horror, other writers like Junji Ito or the makers of silent hill used these concepts to make in-explainable horrors.
However, in something like world of warcraft, it begs the question, is the way these writers use the lovecraft inspired concepts here paying homage to his works, or are they butchering the concepts, by making it into these tangible things we can beat up and defeat? The early days of wow might have made the old god concept interesting, but even then, when they have been made into a boss we can fight and throw fireballs and axes at and kill, doesn't this lose some of the grandiose horror that you'd find in a story by lovecraft himself?