Inspired by J. Manfred Weichsel’s remark describing Fritz Leiber’s “Swords and Deviltry” as “a mix of Dunsany, Tolkien, and Piers Anthony.”
Tolkien is often heralded as the lord and father of Fantasy, but consider the following:
The Sword & Sorcery genre predates the Lord of the Rings by decades.
All of the classic first wave Sword & Sorcery had been written and was already old news when Lord of the Rings came out. Lord of the Rings was published at the very tail end of the Pulp Era, and would’ve likely had very little immediate influence on those writers.
Robert E Howard’s, C.L. Moore’s, and many of Fritz Leiber’s Sword and Sorcery stories predate the Lord of the Rings. Even relative late-comer and Edgar Rice Burroughs fan-boy Philip Jose Farmer had already won a Hugo Award a year before the Lord of the Rings was published.
It would be interesting to see how much, if any, influence the Hobbit had; compared to much of the fantasy contemporary with it, this debut is relatively straight-forward: a guy goes on a long walk with strangers who press-gang him and gets some treasure from a dragon. The Ring is just a plot device, and the encounter with Gollum part in a series of episodic encounters on the way to said dragon. Given the corpus of fantasy fiction upon which the 1920s and 1930s Sword & Sorcery genre was building, it’s hard to imagine The Hobbit making a significant splash or being regarded as any kind of “serious seminal work” by the writers hard at work crafting the foundations of the modern fantasy genre.
I really don’t think there is a smoking gun; you probably are not going to find any of the important and influential fantasy writers from the pulp-era saying in the 1930s or 1940s “Man, that Tolkien guy is gonna change the way people read and write Fantasy forever!” If there is, though, I’d love to see it!