I'm not sure the WoW comparison holds up under scrutiny.
In WoW, you can get enough hit rating to ensure that you *never* miss an attack or spell (ignoring expertise). However, in raiding (where reaching the "hit cap" is a requirement), you're going up against mobs that have millions of hit points, while your character has maybe 20-30,000. They can stand up to repeated hits without missing because their health pools are so large.
Monsters in D&D don't conform to that. Their hit points are roughly similar to the PCs' health pools. In such a case, I don't really think that a 60-65% hit chance is all that bad.
Let's turn it around. In WoW, most non-tanks don't have a decent enough avoidance to really make a difference in the amount of damage they take from mobs. For the most part, if a mob throws a punch, you get hit. Solo mobs are weaker than Elites, and Bosses are even tougher. Most bosses can one-shot player characters who stand in the wrong place.
Back in D&D land, monsters have roughly the same chances of hitting as a PC, about 60-65%. The rules apply both ways. Do players want to be hit every round, possibly by multiple monsters? I know I don't. I like that tension when the GM rolls the die, and I try to pierce the veil of his poker face to see what the result was. I like being down to 1 hit point and having the monster miss, only to be downed the next round.
It comes down to predictability. I don't really want combat itself to be predictable, at least not to the extent that such a high hit rate would bring about. And, seriously, at that point, why bother with dice at all? Why bother with the combat at all? What becomes the point of it?