I wouldnt say WoW "won out" over EQ1
WOW didnt come out until late 2005. EQ came out in what, 1998 or 99?
EQ created the market IMO
WoW continues to dominate due to many reasons. Nothing will dethrone wow.
But, there is still plenty market share for other MMOs to generate money and entertainment
EQ was great, but it was a niche game because it required a group to do anything, and in an era where games didn't hold your hand, EQ practically threw you in and left you for dead. It pretty much required the use of online resources to accomplish anything.
I feel like EQ is the greatest MMO ever, but WoW expanded the market by creating the solo experience. Every class could get to max level solo, and quests felt much less grindy than the system in EQ.
Nowadays, you have a bunch of companies copying WoW and charging a subscription for their games just because EQ and WoW did it. Their games lack true substance and no one feels like paying for their sub-par products.