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The films could not afford to spend $300 million US dollars and attempt to recapture the Victorian Era complete with their stylizings and sensibilities.
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Not Victorian; Mediaeval.
Although it is true that even the Victorians and Edwardians still recognized certain ancient virtues as virtues, unlike the ages of Modernism and Postmodernism: in Shippey's eloquent phrasing, "Tolkien was quite clearly... recommending virtues to which most moderns no longer dare aspire: stoicism, nonchalance, piety, fidelity."
PJ caved in to his audience's meaner aspirations and lowered horizons, and his films are the poorer for it.
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Incidentally, Peter Weir and his producers didn't shy away from spending millions to recapture the Nelsonian Era complete with its stylings and sensibilities.