There's certainly potential to go there, like in a New World-esque exploration campaign, given the few other known continents and islands haven't been heard from in centuries/millenia, mostly due to extreme weather conditions, horrific beasts and ungodly abominations roving the wastes. Whether that works for an Elder Scrolls game where people are used to level scaling and total freedom, I'm not sure. Whatever the case, I'd be willing to give it a go. I'm sure the MMO will go in that direction when they inevitably run out of locales in Tamriel.