Divinity: Original Sins was that game for me; everything I loved about U7, minus the annoying bits (collecting arrows, eating food every x minutes, time-of-day changes for NPCs).
And Divinity: Original Sin 2 improves on its predecessor in every way. It's the game Larian have been trying to make since their inception. Honestly, I'd recommend that new players skip straight to the sequel—you won't miss anything story-wise.
Piggybacking on this, has anyone made an open world single player RPG better than Ultima 7 yet?