I've found this sense of the game has diminished greatly since I choose to stop raiding competitively on my own realm - moving from a competitive end-game playstyle to a far more casual one. I still do some M+ and light raiding with my friends in my guild, as well as end-game content in the overworld (e.g. Horrific Visions and the upcoming Torghast) - but all of it on a casual basis, without dipping into Mythic raids and so forth. Since semi-retirement I've found WoW has become a lot more enjoyable in the general sense, and there was a definite sense that *everything* I did back in my raiding days was focused on raiding, from playing non-raid content solely to accrue crafting materials for flasks, feasts, and such to doing lower raid difficulties like LFR just to get an edge on whatever current content my guild was in.
Can't say this is true for everyone, but I've found myself doing a lot of unorganized exploration and sometimes just seeing the sights in WoW now that I actually have time to do that. Raiding rendered WoW into more or less a chore for me, with the raiding itself the only highlight (and that when it actually was a highlight and we weren't simply stuck on a boss for hours). Sure, I no longer have the best gear possible in the game; but even without that I'd say my overall fun quotient is much higher. I can also more easily put the game down when something else comes out that consumes my attention (like BotW on the Switch), and then pick it back up without the strong sense of FOMO.