Celebrim
Legend
I'd like to read the argument that supports this. To me, the subgenre hardly exists at all in D&D now.
Agreed. The recent D&D movie was definitely not inspired by or in any way in the same genre as Tolkien's or Howard's glimpse back into a more ancient world.
There are almost no elements of "swords and sorcery" left in D&D except for the tendency to continue to eschew firearms. But aside from that, there is barely anything in modern D&D older than Dickens, and even that is fading as D&D's default setting moves more and more into the 20th century.
The fundamental problem is I think the inability to imagine anything distant enough into the past, along with the utter collapse of the contemporary readership of the sort of historical fiction source material that inspired all the "swords and sorcery" authors. No one (well almost no one) actually reads Ivanhoe, Robin Hood, Morte D'Arthur, or Doyle's "The White Company" or anything of the sort anymore much less writes fan fiction about it.