Titanforge was a terrible system, it basically made every none titanforge feel terrible. And I’m not sure a chance at maybe getting an upgrade is enough to keep players around. If ur fully geared except titanforging, I wouldn’t play.
The first thing they need to do is stop throwing so much loot at players. If u don’t gear up as fast it will keep players playing longer. Badges from raids could be a good thing, these could be used to buy cosmetics, profession related stuff, rep etc. and if they really needed further gear progression be used to upgrade gear. Though I wouldn’t want that direction.
Another thing is to make gear more interesting. Make gear relevant for the content ur doing instead of just chasing ilvl. Make raid gear best for raiding and m+ gear best for m+. This can help with the loot bloat. This can also make it so if u don’t like raiding u don’t have to do it for m+ and visa versa. But can give those who do like both meaningful progression towards both.
Also if they tailor gear towards the content then they can make gear to cover weaknesses. Like druid raid gear making them better in raids. And other healer sets making them better in m+ where druids reign supreme.