It would be cool to have sections of dungeons where the map is static, but the content is not. I think it's difficult technically to build a random-gen map for UO, but you can random-gen aspects of the map (like the traps on champ spawns).
I've been playing a lot of nethack recently. I have been enjoying how you never have 2 games that are the same and you never know initially whether an item is cursed or a box is trapped and so on. The maps are completely random-gen with hidden stuff in them.
I think a lot of the mechanics found in UO could be orchestrated in a way to create a more interesting game experience, but there would probably need to be a lot of framework development required.
A system could be added where a new type of artifacts are dropped randomly when players kill monsters in certain areas. These artifacts would need to be identified to verify they aren't cursed before equipping them. A cursed item could do things like prevent the player from unequipping the item, render cursed by some effect for a certain number of play hours (depending on the power of the curse) even after the item is removed through death, or make the item cost the player gold over time or drain more gold for insurance. Since "cursed" and "blessed" already mean something different in UO, items cursed in this way could use the term "hexed". Hexes could be removed by an appropriately leveled artificer (possibly requiring chiv skill as well or "holy ingredients").
A system could be added where powerful traps randomly spawn on doors, switches, etc. These traps could do all the things that traps can already do as well as potentially curse you (see curse system described above).
Sections of dungeons could have dynamic spawns that change based on how many people are in the area.
Sections of dungeons could have powerful spawns that don't respawn very fast to encourage players to battle their way through the area and discourage them from farming specific monsters. Also, some monsters could be made to not respawn till other monsters are killed to reduce cherry picking. If a monster has been spawned for a while and no one has touched it, it could teleport to another spawn area to prevent issues where monsters spawn in invalid locations. There could be instance-like quest areas where players are sent on quests and so on.
Like any good thing, there's always room for improvement.