^
This.
A good RPG is not exclusively a roll dize/receev deth super complex set of rules with a fantasy setting, a good RPG is a game that lets you customize who your character to effective become him/her/it, and a game that can tell a story well enough to keep you interested. Action RPGs have been around for a long time, they've just got a spotlight for some years now, but the problem is that today's developers started dumbing things down in favor of the action aspect while retaining only some RPG aspects.
What non casual gamers want is an action rpg with good a good chunk of action, but without losing much of its RPG aspects, mainly
an interesting plot, decent convincing NPCs, and other things to do apart from hacking everyone to pieces.Oblivion was pure coded irony. While it was dumbed down to please casual players, it was too long and too large to be considered casual, thus casual gamers would drop it after a little while, and non casual gamers didn't like it so much because it lacked depth, which was removed to please casuals.
You can't please everyone
Doesn't mean its impossible to make a deep action rpg that pleases both sides, but doing so requires alot of work and time, something companies won't do for being too scared to fail AND because, for them, there's no point in making such thing since making a game with half the effort would get them good money already.