I think one of the problems the newer Pixar output has is that they have leaned so far into creating a cool premise, THEN writing an interesting story to fit into it; when their better work (imo) comes from having an interesting story first, then adding that Pixar fantastical flair second.
For example, I think Luca and Turning Red are some of the best Pixar movies they have put out in years. In the interviews before release, Luca's director was inspired to make a movie based around his childhood in seaside Italy. Turning Red's director wished to make a movie about her own experiences growing up as a child of immigrants in the early 2000's. The sea monster and red panda aspects came second. As a result, the movies work for what they set out to achieve while also retaining that Pixar magic.
On the flipside, we have films like Onward, The Good Dinosaur, Inside Out, and Soul. Movies where the initial announcement tagline is something only Pixar would do: "What if Fairy Tales lived in the modern world? What if Dinosaurs never died out? What is going on in the mind of child? Where do we come from and go after death?" Films where they come up with some whacky what if scenario and then try to build a story around that. I am convinced this is why The Good Dinosaur was rebooted and had a rocky development, because that premise does not really help create any kind of interesting story.
Elemental seems to be squarely in the latter camp, more interested in a concept than an endearing story to tell, but I won't know for sure until I see it.