The point is that this niche takes a massive hit without Lava Shock, because Earth gets significantly weaker and that's where Elemental could actually shine for once in the class Meta of BoD and EP because they could funnel that damage into a single mob.
The idea of funneling really came to shine on encounters like U'unat, where you just had multiple FS running on those adds no one cared about and then basically spammed Lvb+Huge ES onto a single target.
In a 2-3 Target scenario you'll be using EQ anyway, so the "funneling" idea gets kinda diluted by that.
You are doing a bit more damage to a single target, but that damage also slightly suffers because you're using EQ over ES (and possibly CL).
If you really want to retain that strength that Elemental had in BoD / EP, Lvb needs to compensate for the loss of Lava shock / nerfed ES.