I think that if Tolkien had written The Hobbit today, he would have trouble pitching it to literary agents. Why, you ask?
Well, first off, what is the targeted age group? I can't define The Hobbit as a book for adults, yet the main character is an adult, and how are kids or teens supposed to relate to someone outside their age range?! *eyeroll*
Second, women and girls are shockingly underrepresented in this book. Gandalf or Thorin Oakenshield should have been female to amend that. What's up with the all-male dwarves, anyway? Time for a female dwarf protagonist, with or without a beard.
Three, diversity. Do you recall even one person of color in The Hobbit? Me neither. Why not make Bilbo the scion of the one black family in the WASP Shire, struggling against racism and bigotry? It would be a good thing if he has confused sexual identity, too, and finds himself entangled in a romance with Thorin (whether the latter is male or female).
What about some action in the beginning, huh? What is it with the pipe smoking and tea drinking? Give us a dragon falling out of the sky, or an earthquake that destroys half of the hobbit holes on the first page, or we'll lose interest.
Finally, what about #ownvoices? How can Tolkien be trusted to represent dwarves in literature, when he was of average height himself? I say this is shameless cultural appropriation.
Bottom line: I'm thankful that Tolkien lived back in the time when one could simply tell a good story without worrying about social agendas, when one didn't have to dance on eggshells trying to accommodate diversity, whatever that means, when it wasn't a point of shame to be white, male and straight, and when readers were expected to have an attention span exceeding five milliseconds.