No it isn't, it was just a way to deceive people like you into giving up ownership rights and covering up the drm and adding a subscription. That's why PC rpg's in development were rebranded mmo's... notice how ultima RPG's stopped being released once internet was fast enough to release ultima online.
The fact that private servers exist for both Ultima online and world of warcraft disprove your thesis.
I'm sorry, but you are wrong, and quite frankly the fact that you think a MMO is just a RPG with DRM tells me clearly that you are in that area where you think you know much more than you actually do.
I can tell you that MMOs and RPGs don't play the same. I've never ran the same dungeon 300+ times in a traditional RPG. MMOs are not about running quests. They are social games. They are about social dynamics. I played hundreds of hours of WoW, Everquest, and DAoC, and I don't think I can tell you more then the most basic story elements of any of them, because it did not matter, it was about the people I was playing with.
I've also played literally thousands of hours of MUDs like AustinMUD and StrangeMUD, and those don't even charge you to play so they obviously were not about 'deceive people like you into giving up ownership rights', because they were community built and maintained.
And once again, the fact that private servers exist tells us nothing. Those private servers were garbage. Few people ever played on them because they were not good. The company ran servers added a ton of value to the game, that is why people paid for them. There are multiplayer mods for single player RPGs as well as MMOs that allow private servers. Look at what games like 7 Days to Die is doing. That kind of blows your concept of MMOs are just RPG DRM out of the water, doesn't it?