I don't raid. A few things!
Firstly, there's an incredible amount of story content. You can zip through the main quests of an expansion (they have icons like FF14) in 30 hours or so, but there are thousands of smaller quests that often hide wonderful storytelling moments. I complete as many of these as I can, even though the rewards are irrelevant by the time I earn them. The quests themselves are the reward, I suppose. Unless you're into achievements, in which case you also get a dopamine ding every time you complete quests that are off the beaten track.
Because the game is (or was) split down faction lines, there's also 20 years of expansions that have another side to them, which is worth creating alts to experience. WoW makes alts very enjoyable. Pretty much everything is shared by your 'warband' (all your characters). So any currency, rep, outfits, mounts etc that you earn on your main are immediately available on your new alts. And you can choose which expansion you'd like to level through - the game then plonks you into it via some lore-appropriate 'time walking' mechanic where you level about 20x faster than usual. So you'll hit max level in the space of one expansion.
Then there are delves, single-player dungeons that offer some serious loot, and have a season-long story running through them. The more you delve, the more story you unlock. And the rewards really are great, I haven't raided at all in this expansion and my gear is pretty on par with hardcore raiders. We're talking a few percent weaker.
That's a few things, but WoW is the biggest MMO of all time. So they can afford to spend a lot of money pumping out a LOT of content. It introduces new zones, stories, mini games etc faster than any other live service game out there. I just found an entire Dave the Diver homage, complete with its own loot and about a hundred fish, that I didn't even know existed.
And of course there's Classic (soon to be Forever), which is installed as a separate game but part of your sub.
Mileage will vary, but it's easily the best value-for-money thing I buy.