I think what Rings of Power shows is that you really can't just throw money at something. You have to have the right writers on board and the time for the VFX team to do their job properly.

Take Arcane for example. I, in no way shape or form, like League of Legends video game. At all.
However, that team did such a phenomenal job creating an engaging, nuanced story with stunning animation that it's now one of my favorite things. I've watched the whole thing through several times. Everyone I recommend it to comes back raving about it.

Good writers take the shakiest of IP and make it something worth being excited about.