I wouldn't quite call it elitism, moreso just the product of age making these ports obsolete. Generally, older fighting game playing lands in 3 camps:
- Casual play, which these ports would work with easily. Unfortunately due to the nature of fighting games, with few exceptions, casual play always gravitates towards the most recent entry in the franchise. This is entirely because fighting games are one of the few genres where mechanical complexity and accessibility is a mostly straightforward line going up. There's little need to play the original BlazBlue when you can play Centralfiction for example. Unless there's a hard mechanical break like the complete rehaul of everything in Strive, older entries just aren't played much casually.
- Competitive. Here, arcade perfect is necessary mainly for historical reasons - you weren't playing the FGC tournament on a GBA or an SNES, you were playing it on an arcade cabinet. As for why this matters... read ahead.
- Historical looking back at games. Here these ports kinda fall to the wayside as little more than curiosities - most of them had to severely compromise on visuals, audio, graphics and sometimes even mechanics just so they're playable on handhelds. This also affected early console ports, which is why they're looked down on. There's also some weird NOA censorship bureau going on with the SNES era which affected Mortal Kombat in specific.
Finally, from just a practical perspective, most of the original versions of these fighting games are readily available these days, whether that's by official release or something like MAME.
It just leaves these ports in a weird position where there was an audience for them at release (kids wanting to play MK or Street Fighter on the go), but said audience just doesn't exist anymore and people looking for a nostalgia "fix" on their old games will probably prefer the arcade accurate version since it's closer to the version they remember in their head vs. the one they actually played.