Most want a good SP game like we had in warband but expanded on with more features.
I want both actually... SP was great for sitting back and slogging along in a time sink, and in warband, of all MP experiences, honestly most of my time was in CRPG for the sense of progression and community that was built around it (sort of semi-campaign map as well was neat/desirable -- but still a distant dream).
M&B has always been a "sandbox", not for the game, but for modders and my god the modders were/are great ... that being said, I think by now TW could/should have the resources and talent to pull off such things as a MMO style campaign map, especially since a modder was able to do so with their own time/resources (even if I, myself was never able to make it past the launcher lol) --- This is a dream, but I can also somewhat agree with you that there is always a chance its "meh" when dreamers like actually "get there"... won't know until we try, but it is/has been my dream for a while at least -- add progression, sense of achievment and growth into the MP setting for that same feeling of "rising to glory" in SP which launched the game off in the first place.
The flat out "Skirmish-based PvP" is muted nowadays thanks to the earlier release of Mordhau (quite successful "filler" waiting for M&B2 -- still doing well seemingly) and soon Chivalry 2-- to keep it's distinction I think some risks/development on getting those MMO/RPG, "rag to riches" feels into a MP setting, like the SP, would be still vastly unique and impactful compared to other games out there.
I vote: Worth a try to keep up the value/momentum Mount & Blade offers truly at its core (in SP), and expanding this into something that can be enjoyed in groups & communities as well, as we have a pretty darn good one here.
I also vote because it's "being done", like the Bannerlord Online mod, thus proved to be not TOO far out of reach than forever thought with Warband, and TW simply has to reach out and interact with the modder(s) involved … maybe even hire them and I think they could have a Beta in no time. This is something a lot of Devs miss, is that there is so much talent out there, people making THIER game awesome, for FREE even, but could/would be super willing to chip into a profession level production I'm sure if they were reached out to, and can thrive so much higher than on their own, making an even better experience for ALL players (and the developers success) in the end [at pretty low risk]