I played Morrowind. Like, about 20 years ago. And where's Michael Kirkbride now?
But isn't that the point: how has Bethesda really built on that? Oblivion was super-safe. Textbook high medieval style random fantasy land. Demon invasion? Oh god, yawntastic. Then Skyrim, textbook Viking-style fantasy land with - wait for it - dragons: the non plus ultra of fantasy cliche. (I wouldn't cry if I never read another fantasy novel with a dragon in it, but there they are, regular as clockwork.) I would personally consider their decision to move to Hammerfall for the sixth - as is widely believed - another act of safety. Nice scenic vistas, majority human, etc. No risks with a massive forest full of weird-looking, slightly alien elves or (god forbid) swamps with humanoid lizards.
I get it, that's what sells easiest. Overall, players prefer the mediocrity of the comfortingly familiar to the challenge of inventiveness. Here's Call Of Duty 29 or Assassin's Creed 17, just like the last one, 75-80% in the reviews, 30 million sales thank you kindly. When companies throw $100+ million at a game, they can't afford a flop so it needs to be safe. And so Bethesda plays safe, to the point of tedium.
Honestly that why I often scour the Indy stuff. Sure, most of it's derivative baseline fantasy, but a few are far more interesting, even if they lack the glitzy first person scenic vistas. You could take Pillars of Eternity as a more mainstream example. That's what Obsidian has conventionally excelled at: you've got a world and story someone with at least some talent put a lot of time and thought into, rather than the scrapings of a panel of fanfic writers given a budget and licence. That's part of why Half-Life was a cut above: it had a decent professional storyteller behind it.
If one thing annoys me slightly about the Elder Scrolls, it was the Daggerfall thing where they made some contrivance that of all the different endings, they ALL happened because blah blah magical time space continuum hiccup blah, which is the worst sort of contrivance to try to hammer the square peg of lore into the round hole of the gameplay. To me, it feels like the courage of your narrative's convictions. Although as you say, it also doesn't really matter: they're all so separated in time and place that it doesn't really matter what happens in any of them by the time the new one rolls along.