we know that the night elves evolved from trolls, we know that trolls can sometime ascend and become loa according to their legends.
what if elune was one of the first night elves born out of the magics of the well of eternity who became a loa? what if she was originally one of the leaders of the dark trolls and thats why she is so revered and over time she and the ancients became the only loa night elves worshiped (the trolls consider the ancients loa)
this would also explain why elunes children look like night elves and why the night elves believe she made them in her image.