Lots and lots of very popular videogames lean heavily into it - so obviously there's a market (so to speak).
I think the issue is that ttrpgs are ultimately a non-visual medium: the players don't see anything you don't specifically tell them about. If you call out the 'burning heat' coming off a creature, they immediately know it's fire-based. In a picture, you can leave tiny heat distortions. So you can't really rely on subtle visual cues, which makes the puzzle of figuring out what this monster is weak/strong against more difficult to do in a fun way. Either you tell them indirectly (and once they learn all the key words, you're telling them directly - not a challenge), you make them roll for it (which isn't nearly as much fun as actually puzzling it out although it adds a strategic layer), or you don't give them the info and they learn by trial and error. (which is a frustrating phase, or over very quick.)
There's also balance issues - it need to be important enough to be worth the effort but not so important that it invalidates other options, you need enough damage types to make it hard to memorize but not so many that it's impossible to learn the rules, and you need to be subtle enough that the knowledge feels earned but not so obscure that it feels random. IT's tough.
And, of course, it also means martials will need to carry several if not a dozen or more different weapons if they want to engage with the system, which many people think looks silly.