I understand your point in respect to a large map. I'm not sure what people envision when I request a 'decently sized' map, but by that I certainly do not mean a map larger than Almaris, or something of that nature.
But I believe the opposite of your first paragraph. I think there are plenty of ways people can be compelled to explore the map. For example, the resource nodes for varying items scattered throughout Almaris. While I think that system could use some change, that is one way people are currently compelled to explore the map. I am by no means compelled to fast travel just so I can check out the landmarks of other towns. To me, all of those things can be seen when I arrive there in RP.
Personally, when I play a character, I pick and choose a realm / culture, and I generally stay within it, unless prompted to leave by some kind of RP reason. To me, this is enjoyable because I can RP that my character is genuinely unfamiliar with the races, culture, and architecture of the various kingdoms. This is perfectly possible WITH fast travel, but when it comes time to journey to another kingdom, everyone else grabs their soulstone and heads for the Cloud Temple so they can skip to the other end of the world. This kills the whole mid-journey. There is no risk taken on the way to the destination, and all interaction that could have been had encountering another party on the road, is now made impossible.
Perhaps there should be some sort of compromised fast travel system, but I think it should seriously be trimmed back from what it is currently.
On top of the lack of RP travel, this fast travel system is detrimental to roadside businesses, wandering merchants, small towns, as well as patrol and guard RP.