Well, LotR DID set a standard. it was the biggest thing when it was new, and every movie since has tried to be it.
Stuff like that is a blessing and a curse. It's a blessing because honestly, I like that style of medieval fantasy, but it's a curse because it limits the artistic freedom. To bank on the LotR look, it hinders a lot of other ideas solely to capitalize on the "trend", which I've never been a supporter of.
That being said, I still believe that style in look is better fitting for a "type" of story/game. Castlevania, IMO, maybe not much. Then again, I never envisioned(my personal perception) the medieval CV's the look AS medieval as "Ye Olde Tolkien/D&D"-esque realm. If EA ever rebooted the Ultima series(instead of doing those crappy social games), the LotR look would be PERFECT for THAT. I think it was just easier for me to suspend my disbelief with CV(the early medieval ones) as being a melange of different styles, despite them taking place in the 1400s-1600s. I never had to question why Dracula, in the 15th through 17th centuries, was dressed like a nobleman of the early 20th century. That's just me, though.