LOTR is great because it's a unique product of who Tolkien was, with his background in linguistics and experience in World War I and his Beowulf scholarship. Be your own interesting person and make your own stuff.
I feel like these days, real creativity is punished, and only 'meme'-able things get rewarded.
A new thing is great, not saying it isn't. Certainly, tributes of recent works are not a good commercial strategy. I personally haven't truly appreciated a great work like lotr or Chrono Trigger or Jurassic Park or what have you until I've recreated a small part of it out of love. Of course, this rant is limited to fan derivatives made out of passion. Attempts to deceive are another thing.
I'm sorry if I'm rambling and come off as angry, I'm not and appreciate your point. But I find this suggestion to leave out the tribute part in fan works to kinda be missing the point. For my stuff I'd rather have made it and have it taken down, over not having made it at all.
This is where free expression and intellectual property butt heads. Had our subject merely distributed his writings openly (free), it would be much harder to shut him down.