Last I looked, the Lovecraft being a fan of Stevens thing mightn't actually be true.
Anyway.
It stands to reason that, given LotR's popularity, a vast number of those who like it don't care much for other fantasy, or it would be about ten times more popular than it is.
Personally, I do very much like fantasy. It is my genre of choice and while there is a great deal of it I don't care for, I find Sturgeon's Law convincing enough to believe that'd be the same everywhere - and think the width and breadth of the genre as good a shield against said law as there is going.