There are some people for whom the name Tolkien means something, usually something very specific and beloved.
If those people aren't the core audience, why did they pay out of the nose to use that name in the first place? They could do a fantasy story written all in-house, and save themselves the money. If you're right, the audience should be almost as big, and they get to skip the part where they're accused of grave-robbing.
No, Tolkien-lovers aren't the core audience. Every casual viewer that enjoyed or have heard of Lord of the Rings are. Because that groups is about a billion people, not tens of thousands.
Like me, I enjoyed the trilogy. I don't care if this new show isn't in "the spirit" of Tolkien (judged by someone far after his death, how much does that even mean?), I'm gonna watch it because I've heard of the IP before and want to try it out.
For Rings of Power, I think the show itself is very confused on who the "actual audience" is. They tried to go after each segment, but the writers lacked the kind of skill and finesse needed to actually perform that miracle. (Which is possible, just really, really difficult.)
Every casual viewer I've spoken to is very meh on the show.
If those people aren't the core audience, why did they pay out of the nose to use that name in the first place? They could do a fantasy story written all in-house, and save themselves the money. If you're right, the audience should be almost as big, and they get to skip the part where they're accused of grave-robbing.