I've tried several times to go back and play EQ on the P99 servers. I just can't get past how they changed things. It's such a fine line between having the secret sauce and completely spoiling it. A big part of it is simply the graphics, but UI changes, rule changes... It all incrementally adds up. Nostalgia is 3/4 how we remember things and maybe 1/4 reality. Official EQ for me ended 20 years ago, but it ended because they kept messing with a magical recipe. They weren't content to simply add content.
If a game is fun, it doesn't have to look great. Look at the popularity of games like Minecraft or Valheim. Once you get immersed, a sea monster is a sea monster, whether it's comprised of 1K pixels or 100x that. If you don't get immersed, it doesn't matter what the graphics look like, you won't be playing it for long.
One size does not fit all. For some, the graphics are very important and just as important for immersion as game play. It is great if you only need the game play for immersion but assuming this is the same for everyone is a bit blinkered.
Some people find pen and paper enough for immersion, others are more visually oriented and need graphics that are not simplistic or jarring.
EQ graphics were a product of their time. Today, more is expected by the mainstream.
For me it is 55/45 between game play and graphics. For me, more work is needed for both sides of this equation but the bone and muscles are there. Just needs brains, skin and dressing.