Cool of them to disregard Tolkien completely with respect to how the races appear. And after learning that they've compressed a lot of events to fit into a show... nope. Losing faith rapidly in this. People who care less about lore and LOTR in general might not have issues with it, but, for example... dwarf women have beards. Elves aren't black, Elves don't have short hair. I realize that last point might be problematic for some, but it matters. It shows they aren't taking care to respect the source material.
"Respect for the source material" doesn't mean you can't change things that are dumb.
Well, what is dumb about it? I have my reasons for why this isn't dumb, in my opinion, but I'm curious why you think it is. Is it because it implies racism, or that it would be unfair to non-white actors? No snark. It is explicitly written in Tolkien's texts that Elves have fair skin, almost that of moonlight - in other words, very light. Black was specifically used to describe orcs in particular, and the Men of the southern and eastern lands had increasingly darker hues of skin color as the lands turn more to desert. It is also strongly implied that all dwarves, including women, have beards, so I am disappointed they have seemingly not paid mind to that based on the image of the dwarf princess. Dwarf skin color is never specified as far as I can recall, so there's no issue with a black dwarf at all, especially considering we only ever see a small glimpse of just one of the seven houses of dwarves (the dwarves in the Hobbit, and Gimli in LOTR all are Durin's Folk). I also take issue with the short hair on Elves because, again, the text describes Elves as having hair of length. Does it look bad? No, not to me. Do I think Tolkien would have approved of it? No.
I'm sure this reads much more strongly than intended, I am not waging some crusade against the show but I am fairly disappointed and annoyed when they take these kinds of liberties with things that Tolkien had meticulously crafted - it's all in the details. Even if not mentioned in the more popular texts, I would like to believe at least a few of the 'Tolkien scholars' they had working on the show raised a concern about this. Just my two cents. After the liberties they took with a number of details in the Wheel of Time adaptation, I'm a little nervous about Prime's changes to things.