Keep raising the level cap but crunching how much experience is required per level as you do. This is the approach WoW has historically taken. But as this happens, levels start to seem meaningless. You gain them ultra-quickly, and only a smattering of them actually introduce new abilities or other perks. It also means that you blast through the leveling content at such a pace that you never finish individual zone stories; you only finish a small portion of an area before you have outleveled it and are ready to move on.
Adventurers entering the Shadowlands will find the realm of the dead in disarray. In the natural order of things, souls are sorted and sent on to an afterlife realm appropriate to the lives they lived, but starting around the time of the Burning Legion's third invasion of Azeroth, all souls who have perished—including the innocents slain at Teldrassil—are being funneled directly into the Maw. The Shadowlands are starving for anima even as the Maw continues to grow from the glut of fresh souls. Sylvanas Windrunner has been seemingly perpetrating acts to bring about great amounts of death and destruction. In partnership with the Jailer, they have been working toward a common end for some time.
The Shadowlands were originally intended to be a fully playable zone in World of Warcraft, designed for high-level play. The idea was that as deceased characters made their way back to their corpses, they'd see high-level players battling creeps in the area, which would inspire lower level players to increase their character level so they could experience the zone for themselves.
That might seem odd or negative to those who aren't currently playing WoW, but it's actually something a great number of today's WoW players have been asking for. As the levels rose in this 15-year-old game that frankly wasn't designed with a 15-year plan in mind, Blizzard encountered all sorts of frustrating game design problems that players have been cranky about, too. The WoW team has already crunched player stats like health and mana down on multiple occasions as a way to postpone fully solving the problem, so this is the culmination of something that has been underway for a few years now.
It's hard to get a sense of an entire World of Warcraft expansion from 30 minutes of play. In my short demo, I recreated my main (a Beast Mastery Hunter) and played through the introductory quests from the Bastion zone, a heaven-like plane from Azeroth's afterlife. The minute-to-minute gameplay very much followed the formula of modern WoW questing, with a variety of tasks like challenging specific enemies to duels, helping craft things in timed minigames, and of course, killing 10 rats (well, not rats, but they might as well be).
Since this was an early questing experience and not an endgame one, I didn't get much sense of how Covenants—Shadowlands' new Order Hall, Garrison, or War Campaign-like systems—work. Neither did I have much time to dive into the story, though I saw enough to know that, if you like the flavor of the recent WoW expansions, you'll probably like this one, too. (I, for one, am glad we're going to get a brief respite from the Alliance vs. Horde war storyline.)
The Realm of Shadows may be the same World of Shadows as the one that becomes visible when a [Elixir of Shadows] is consumed. It may also have something to do with shadow magic and shades. Death knights, necromancers, and undead as a whole share a strong connection with the Realm of Shadows from many hints that can be seen in-game. In the death knight starting zone, death knights are given the task to enter the Realm of Shadows in order to gain their Deathcharger. Later on, death knights are eventually able to learn the ability [Raise Ally] which pulls their ally's spirit back from the Realm of the Dead and forces it back into their body. Upon doing so, a buff is applied to the player stating that: "A touch of the spirit realm still lingers..." This shows that death knights and necromancers both have a connection to the Realm of the Shadows/Dead to perform necromancy which furthers the idea that they actually are drawing their magical power from it.