[thenomad]

I'd argue that whilst very different in philosophy, The Witcher 3 is about the closest we've come to Ultima VII since it was released.

You might also find Age Of Decadence interesting - it's a super-indie made over a decade or so by a very, very dedicated team. I've not played it and I understand it's flawed, but it looks to be reaching for the same kind of freedom as Ultima VII.