Unpopular opinion I know but I wish the Tolkien Estate would lighten up about the films. The films made a huge impact on my life and it saddens me that the Estate’s attitude towards them is preventing more Tolkien adaptations from being made. The Harry Potter films (while I love them) are considerably worse adaptations when compared to the Jackson films, JK Rowling knew they would not be perfect yet understood that they would not tarnish the original books. I wish the Estate had a similar view.
If you're still taking theories how about Elves don't exist in Middle Earth. Elves have never existed in Middle Earth