Full disclosure - I first read The Hobbit in 1970 as a 9 year old. Then LOTR soon afterwards. Did a paper on Tolkien when in college. So, yes, count me as a long-time Tolkien fan.
In large part, the LOTR succeeds because Tolkien creates a mythical world with larger-than-life characters, yet puts us right in the middle of the story as Hobbits - people who are just regular, unassuming, minding their own business, and not powerful. Yet Tolkien calls us (and we don't even realize it) to heroic action. In LOTR, it is, ultimately, the (weak) Hobbit that carries the Ring, performs the quest. And other (weak) Hobbits are inspired to action and courage because they are inspired by their "larger-than-life" companions.
Hobbits are frail and weak, yet respond to the call to action.
In The Rings of Power, the main focus is on Galadriel as the Deliverer. She is seemingly presented as an Immortal, as an "Eldar." Yet, then, in a complete departure from LOTR, she is not powerful. She is evidently similar to a woman who can fight with a sword, with a very, very long life span, who hates Sauron.
Well, OK. But, where are we in all of this? From Harfoots to Numenorian to Elf Woman ... I am having a hard time (after 3 episodes) to find any point of entry. The story line is disjointed and, to me, confusing.
In "The Rings of Power" it seems that which is powerful and good has been diminished, and that which is weak and good is disconnected.
I can't help but watch the next episode, though - and so, from that aspect, I suppose Amazon has succeeded!!