Perhaps unsurprisingly, it looks like from Jackson’s comments (see video below) that his intention with these remasters from the start is to make the films “look as if they’d all been shot at the same time”, including creating a uniform colour grade throughout the six films. Which for the LOTR, basically means making them look like The Hobbit, given that the colours on that trilogy, while tweaked, more or less remain the same.
https://www.youtube.com/watch?v=yn21u6j6Ywc
Frankly, I never really expected him to even consider sticking with the theatrical color grade, that was unrealistic and not Jackson’s priority. And all this is fine I suppose if you’re Peter Jackson and, in a Lucas type way, are concerned about how audiences will see these films for years and decades to come, and want to create a uniform look. But if you’re someone like me who loves the theatrical look of LOTR (and rarely revisits The Hobbit), it’s disappointing. It’s not a Star Wars level disaster, and this will probably be the way I watch them from here on out. The new colours after all aren’t displeasing, and mostly look fine in their own right (in fact the HDR is often stunning), but when coupled with the DNR/EE, the seemingly permanent loss of the theatrical grading for 4K HDR make this set a minor letdown.