Elitism where elitism is due. When you pay a lot on an iPhone (until they released this new colorful fellers, that is...), a Louis Vuitton bag, an Armani Collezione suit or something you're not only paying for the product's quality (which in some cases might even be questionable), but mainly for the brand, a brand that allows you to place yourself as "elite", or, in a less shocking manner, "high society". Still on point: when Louis Vuitton suffers due to piracy, it's NOT because of sales, its costumers won't buy the fakes and, most of them KNOW the difference, but because of damage to the brand: if the product becomes common place (even though it's not official), the "true" clients will step away from the trademark and look for something else, something still "untouched" and able to keep the elitist sign.
Not to be a hypocrite here, but I own Armani Collezione suits, and I payed the amount due to it, and it gives a status, and that status is PART of the product, I PAID for it. I'm not attacking elitism here, nor am I saying it's right. I'm just saying I accept it, I endorse it and let's leave it at that, deeper discussion in this merit will only hinder the focus here which is: "elitism where elitism is due".
The Elder Scrolls is a trademark and it carries its weight with it, you chose the mmo TESO for a reason, and that's due to its fame. Call of Duty, Final Fantasy, Fallout, Grand Theft Auto, all those games are more than games, they are brands first, and carry their own "status" weight along, otherwise we wouldn't spend 60 bucks or something to play them, or even wait for their release, we would simply pick one the hundred knock-offs that, sometimes aren't so different than the source-material. But we, maybe instinctively, will look for that intangible aspect that lies within a trademark, that thing that says "pick me because I'm better".
However, when it comes to games, despite what I wrote in the above paragraph and the undeniable existence of the weight of a given trademark, I think it's going too far to talk of "elitism", I'm not saying you're wrong, by all means, you are right, wrong are the ones who act elitist in a field where there is no such thing. It's an MASSIVE MO, it broke elitism when it mentioned masses, it will not profit on a handful of players, but rather the quantity of them. It might be expensive due to exploitation of the trademark, but that in itself does not make it "elite", at least not as far as the term in administration goes, playing a given game and thinking you're elite due to it only makes it clear that one is a sad person with a very limited understanding of the outside world (if any).
Elite is in the eye of the outsider, it's a societal judgement, its the type of clientele that ultimately decides, even in unintentional levels. As far as I'm concerned, I haven't seen a single game that is an article of eltism in those terms.