In my opinion, LOTRO sound system, specially on the voice chat, is less than desirable, it really could use a complete revamp. This is something that the regular LOTRO players have long ago acknowledge & many have completely quited asking a revamp then using other means (like ventrilo & similar programs) outside the LOTRO service to communicate with voice. Others have quited talking & use only written chat cause the external programs of good quality, tend to be expensive.
In-game voice chat is a perfectly workable option if you don't want to use another program, and was certainly a big deal when it debuted in 2007. The reality is the voice system is powered by a third-party provider that has long gone out of business, and the work to re-engineer and integrate a new system would be significant. Theoretically we could do that work (instead of other things), but there are so many folks using free options like Discord, Teamspeak, Skype, Ventrilo, etc. that I'm not sure it would be worth the work. Voice chat in gaming 2007 is a much different landscape than voice chat in gaming today, and since there are already many free options that people are already using that provide expanded functionality, it's tough to justify the work.