I don't think it's just wanting a retelling of something you already know - it's wanting something that shares its spirit. To inhabit the world Tolkien created as he created it.
To me those are two different things - the "spirit" would be the general concept (good vs evil, medieval fantasy, rings, swords and hairy feet), while 'inhabiting the world as created by the original author" means being faithful to it on what's maybe a more superficial level: the atmosphere and tone of the books, the aesthetics you envisioned while reading...
People often say when we have reboots that they don't harm the thing itself. "Ghostbusters still exists", etc. But the thing is the artefact and its meaning is also created of the discourse around it. When "uncanny valley" material is made at the level of mainstream mass consumption, the thing itself is diminished. It's no longer a life-changing text in which you're invested, but a commodity. It's difficult to get excited about an obvious product.
This is where I strongly disagree with you, but that doesn't make your point any less valid and understandable. Maybe it all comes down to the way we're hardwired and we'll just have to accept that.
I'm a long-time Batman fan. Growing up all I knew about Batman was the 1992 animated TV show and to me that was the one and only Batman, the one that defined who my ultimate Batman was. One day I picked up the VHS of Burton's Batman Returns at the shop and watched it, fully anticipating to see another episode of the animated show, only with real people this time. I was gobsmacked. Bruce Wayne was a puny dude and a neurotic mess rather than a brave, muscular, charming playboy; The Penguin was a straight-up circus freak, an actual 'penguin-man' with black fluids oozing out of him... 'Wait, you can do that?!' was my reaction. But I wasn't disappointed. Both takes started living parallel lives in my mind and I appreciated both for different reasons. And a few years later I read Frank Miller's Dark Knight Returns, and was again floored by yet another universe that had nothing to do with either the animated series' or Burton's, another take on the character. But the bones of the character are always there: You always have an orphaned kid who swore to fight crime wearing a batsuit, and ultimately that's all Batman needs to be. He doesn't need the Batmobile, he doesn't need Gotham, he doesn't need Alfred... I'm not saying all Batman iterations are on the same level. But each new take, each new interpretation of the character, enriches the mythology, creates another layer on top of all those that came before. Sure, some layers are flimsier than others and so I choose to see through - look past - them. But my appreciation of what I consider to be the original Batman (the animated series) was never lessened by any other take I experienced as a reader or spectator. No Zack Snyder movie can undo what that show accomplished, no matter how hard he tries.
And so to this day I crave for even more, new and fresher takes on the character. If you want to disappoint me, give me the Batman animated series in live-action. Or a retread of Burton's Batmans. Or of any other Batman who has come before or after those. You want to make me happy? Give me an entirely new Batman. Maybe one who's not even a billionnaire, but a bum in Renaissance Venice who has to fight crime using only his wits and a costume he's pieced together from trash. Each new Batman should be a retelling, something new. Different aesthetics, atmospheres... A new layer to further develop and enrich the myth.
No matter how good or bad we think Rings of Power is... Can anyone really say that the 'bones' of Tolkien's universe are not there? Elves and dwarves, orcs, wizards, hairy feet and swords?
Let's also be honest, these derivative works don't exist out of any great love for the original, but because it has enough brand recognition to generate attention and bring in the bucks.
Sure, the show was greenlit by someone (Bezos) who only saw its potential as a commercial product ("to sell more shoes" if I recall his exact words). But he didn't make the show. He entrusted other people with it, writers, filmmakers, actors and crafstmen whom you have to trust believed in the project and loved the material enough to forever allow their names to be attached to it, come what may, and dedicate months or years of their life to it, probably close to a decade for a good number of them by the time all is said and done. No one takes on such a long, exhausting and high-risk project without at the very least a deep admiration for the source material and an unwavering belief that they can do it justice. That says nothing of the ultimate quality of the project of course, love and dedication are not enough in this business, but I have to believe that if nothing else, love and dedication are there.