It's not a dealbreaker, but it is a really popular and robust system generally. I know people who spent hundreds of hours on their Skyrim house - in a single player game. Let's not even get into the popularity of Animal Crossing. I've heard of FF14 having literal real estate, but I don't play that game so not sure. Personally, I love ESO's take on it. In a bunch of different zones there are buildings that are instanced houses. I only use mine as a functional space, but there are things in WoW I liked with the Garrisons if I'm to be honest. The statues, and adding archaeology pristine items to your showcase (which is interesting they had that for Time Rifts, isn't it?).
Player Housing is essentially a whole other avenue for player expression, like transmog, and it would be a deep evergreen system that can add a lot to the economy in terms of craftable items. Could act as a functional space, or shared space for guilds as well (for players like me).
WoW also has a huge back catalogue of so many amazing props that they can add for collectors. Look around in any building... just look at this stuff:
https://www.artstation.com/artwork/Ggd4N
https://www.artstation.com/artwork/Yg4NX
https://www.artstation.com/artwork/vnGq3
https://www.artstation.com/artwork/kDNXK
https://www.artstation.com/artwork/03JGJ5
There's a nelf kitchen ffs.