This is, again, a gripe about HOW things are being adapted - the problem is, people on your side of this argument are suggesting political allegory has no place in the adaptation because there wasn't political allegory in the original. There was.
If you accept that the adaptation will be different because, as the showrunners stated, they want to update it for modern times, then the question becomes about what the changes do to affect the meaning of the actions.
For example, in both Tolkien's work and this new work, the Numenoreans were mad at the elves. Their reason for being mad at the elves was.....illogical. It was based on characteristics of elves that the elves had no control over, that were inherent to who they were - it is, essentially, racism/speciesism. That hatred rankles through Numenor and leads to its downfall. In the show, I'd say they actually tamed the illogical-ness of the Numenoreans. They tie it to economic fear. It certainly doesn't have the impact, and can be more muddled than outright elvish discrimination because they're elves, and in that way, it dilutes the main message that is trying to be conveyed to the audience: the Numenoreans are illogically hostile to these elves and their allies, and this fear and hatred is a problem that will lead to their downfall.
When Isildur fails to throw the ring into the fires of Mt. Doom, we want to know why - background information from Tolkien suggests this illogical inferiority complex had something to do with it, leading to his desire to grasp power/dominion over elves. Going forward in the show, the main motivation (the irrational dislike of elves) continues, but grounds it more in....well, real-ish issues. Job security is something very modern, and admittedly in societies like this it's a bit out of place because economics were much more simple. Whether that rings true as a reason why Isildur doesn't throw the ring in the fire is left to be seen, but I can definitely see it being diminished because the "irrationality" is so muddled and messy. It's like those Hatfield vs McCoy feuds where after a couple centuries, you're wondering why the hell they're still fighting.