It is going to be very tough for anything to beat Morrowind in my book. First off is the issue of sequel syndrome. Even when you are the same person or people who made the original, it is extremely difficult to replicate a certain kind of success.
So, when a person sets out to create something, a novel, a movie, a game; it is usually the intent to create something epic, timeless and special. This doesn’t occur just because of that intent. It occurs because, almost as if by magic, the stars align and every element just comes together and “works” on a level that is above what might be expected by just examining various elements. The whole is greater than the sum of its parts.
One might also consider that priorities have changed in this decade. Now, much focus is placed on a fully voice acted experience. This takes time away from other things that I might consider more important. Thus, in my opinion, we see (at least potentially) why Oblivion fell down a bit in comparison to MW. Was it a good game? Certainly. However, it lacked the intricacy of the former game especially in terms of complex storylines intertwining with each other and the loads of lore that defined the land. Various other elements were also weaker, but all a matter of opinion, of course. I never felt the same sense of wonder in Oblivion for whatever reason. I never felt the wanderlust to walk off the beaten path just to see what’s over that hill. And I hated how the game leveled with you.
Surely, however, the intent was never to make a weaker game than Morrowind!
Saying that something could potentially “beat” Morrowind would be like saying some movie would eventually “beat” a timeless classic such as The Godfather. Or Casablanca.
Good luck with that.
X-Com UFO defense came out in the early 90s and often ranks highly on a given "best game of all time" list. After all this time, where is the game that has ever beaten it?