The point is most fans, & no students, of JRR Tolkien, will accept works by any other author as having any relevance, or even much relation, to Tolkien's Legendarium. You could dress such works up how you wanted, stampt the JRRT monogram on the cover, & even include a talking hologram picture of CT saying 'This is far, far better than anything my father wrote about Middle-earth' & still most of us would not consider them to have anything more to do with Tolkien's Middle-earth than one of the DragonLance Chronicles, or volume 9,856 of The Wheel of Time.
As I said earlier, what you would end up with is M-e turned into a franchise like the Star Wars universe. The effect would be to cheapen & trivialise Tolkien's work.
Personally, I have a deep loathing of what is currently churned out under the lable 'Fantasy' & there are no more than half a dozen writers in that genre whose work I can be bothered with. I don't want Robert Jordan or Margaret Weiss churning out 'Extruded Fantasy Product' full of 'cute' Hobbits & ethereal Elves.
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