(Warning: Fatman rant a head followed by a bit of constructive criticism).
Dear ZOS,
Do you remember that scene from Infinity War when the wizard played by Humperdink Snickerdoodle uses the Time Stone to look through fourteen million, six hundred and five possible future realities and found only one where they came out on top?
Yeah, I get the feeling many of the players in the community feel the same way right now about subclassing. The difference being that the wizard played by Bonaparte Curdelsnoot got dusted and was free to sit out the next five years while the ESO community are like the surivivors who are left to navigate a world where half of everything we love has been Thanos snapped out of existance in a moment of time by subclassing.
I call this 'The Delusion of Choice' when the devs claim they are enabling greater choice and freedom to play the game but the true options for a good outcome are actually reduced. The classic example was with Hybridisation which removed stam and magicka builds by mashing them together. Scribing is another example of the 'Delusion of Choice' where 3000+ combinations leads to 1-3 skills that are genuinely useful outside of roleplaying in a Riften tavern.
In short, when the majority of options are suboptimal then having more options is not a good thing as it's more slop we need to work through before we can find what we want.
And let the gaslighting begin: 'There will always be a meta so stop complaining!'
The problem isn't that players are upset there is a meta (cough cough Beamer cough) but that the difference between the meta and the next level down is only slightly less than the difference between the summit of Everest and the bottom of the Pacific Ocean.
The comment that 'there will always be a meta' has been used to shut down discussions about class and build balance.
The Solution to a Bad Meta is not 'No Meta', it's 'Metas'
I'm going to refer to an MMO where a reasonable class balance exists: FF14. I'm by no means an expert at this game but I will be using what I interpret here. The diagram below was obtain from the data of several thousand raid encounters of a single boss. The dps scores for each of the dps classes at Savage Difficulty (the equivalent of our vet or vet-HM, I believe) was determined and ranked in order of best to worst.

Is there a top performing class here? Absolutely, but look at how closely it is followed by the second ranked class. The third highest class is only a small amount behind the second highest class.
If you look at the scale at the bottom, you can see that they lowest performing class is less than 10% behind the highest performing class.
As this is the higher level difficulty, it is fair to assume that the players engaged in this had the meta for their respective class.
Could you imagine this for ESO where the optimum nightblade or warden dps could get within 10% of the dps output of an arcanist in
actual content and not on the raid dummy? Players could complete endgame content on their favourite classes rather having the homogenised raid groups we see today and the forum complaints would be a fraction of what it is now.
(Of course, Fatman would still be here).
What about
homogenisation hybridisation?
I recall a while ago someone at ZOS mentioning that the stam vs magicka was being replaced by melee vs ranged builds. So....

What about Subclassing?
So class balance will no longer be a thing and will be replaced by Build Balance. Lets take a look at Skinny Cheeks to see how the top patch 46 meta builds are looking:

Oh dear....
Now I'm not advocating for the nerfing of the green laser show.... instead, how about we get some more metas that perform well in content?
We already have the beam meta but what about a different meta that is also ranged but uses a staff with an improved version of Crushing Shock? We could also do with a bow meta too.
We need at least one melee meta but prefeably two, with one revolving around a buffe Jabs skill.
Why not limit weapon passives to skills that are related to the weapon ie. daggers only buff melee ranged skills, destro staves only buffed ranged skills etc.
Make the buffs for light and medium armor the same but restrict the buffs to either magicka or stamina skills? This could at least make light armor sets relevent again?
Like the life of Patrick Melrose as portrayed by the actor Brusselsprout Cravingsnort, I too believe that ESO can overcome these difficult times and find something better.