Because no one has done elves right since Terry Pratchett in Lords and Ladies and The Wee Free Men. Elves are evil, vicious, cunning, and cruel. Anything so "superior" cannot and will not treat lesser creatures with compassion. They will play with them, manipulate them, and possibly eat them. All other elves are fake.
It's why I rather enjoy the idea of Drow. They're the only ones who hate elves as much as I do.
I favor fantasy settings that either don't have elves, or the elves are rank bastards as is proper (Warhammer and 40K, Guild Wars 2, etc.).
And the elves in the Lord of the Rings didn't get one-tenth the kicking around they needed.