Tolkien is partly to blame -- his elves were practically demigods, without weakness (other than perhaps arrogant pride, which in gaming is "normal" not a character flaw...

) And for those who did not read Tolkien, now we have the movies that definitely portray elves as stunningly awesome.
Elves have that "Matrix-Neo" coolness factor. They are perfect, without weakness. Fast, skilled, coolly calm, zen-like detachment, adept at melee and archery and wizardry and ranging and scholarship and crafting, immortal, beautiful, artistic, sexy-hot, rugged individualists yet noble (chaotic good). Everything humans wish they were and never quite achieve. They live in the most beautiful setting (forest) yet can be found everywhere in far more varieties than any other race.
Everything elven is superior and magical --
just because it is elvish! Their cloaks make you invisible, their boots make you silent, their houses are made of living trees... even their pets are special (cats are the coolest pets, and elven cats are winged!!)
D&D elves do have a CON penalty, but that is a concession to game balance, not from the source material. Tolkien elves should have a huge
bonus to CON, as they were far more hardy than either orcs or humans.
What's not to love?
