According to chat GPT, there is a 4051 year gap between Morgoth's death and Bilbo's birthday. By the ending years in the battle of Morgoth, most of the evil elves were dead or repentant.
I think you can take the moral high ground if you are well past 4000 years since your people did foolish evil things.
EDIT: I guess the it's not just the Simirils and the One Ring. But the Arkenstone was magic jewelry people fought and died over.
I guess Tolkien had a favorite kind of story...and that's okay.
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