Why is there no decent fantasy/medieval themed multi-player first person shooter games out there?

Hexen sucked, but they were on the right track. Quake started out that way, and then they added grenade launchers when there wasn't enough pop. You would think by adding powerful range weapons, multiple cles, and magic items, randomly dispersed potions and spells, a developer could make it pretty action packed, especially with deathmatch arenas and co-op quests. Horses, pegasus, dragons to ride, all that would be sweet. Oblivion with multi-player would be a start.