Well, other than what has been said, I think that Tolkien preferred axes, or used them as a symbol of power.
I mean, the dwarves (after the first age Noldor and debatably during the time of the first age Noldor) were the best craftsmen around, so it would make sense that they would create the best weapons. After all, they created the best armour ever, and the best non-magical swords as well (not to mention the fact that Eöl learned his sword-making from the dwarves too). It would also follow that after such experience, they would make the best weapons possible for themselves.
Also Tuor, who was arguably one of the greatest Men of all time, wieled an axe.
Just some thoughts from your friendly neighbourhood Eönwë.
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