The system is being iterated and improved for the expansion. Each of the four main reputations in the Dragon Isles will have a separate renown bar that you will be able to progress on.
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In an interview with AusGamers, WoW Lead Game Designer Jeremy Feasel revealed that Renown is coming back for WoW: Dragonflight. Unlike its Shadowlands counterpart, you will be able to progress with all different renown reputations simultaneously, you won't have to pick one.