This Terry Pratchett (GNU) quote pretty much explains it (he uses the term “(Discworld) elves”, but given that Lords and Ladies is clearly based on A Midsummer's Night Dream the quote equally applies to any kind of fae, and not necessarily, for instance, to Tolkien or DnD elves):

Elves are wonderful. They provoke wonder.
Elves are marvellous. They cause marvels.
Elves are fantastic. They create fantasies.
Elves are glamorous. They project glamour.
Elves are enchanting. They weave enchantment.
Elves are terrific. They beget terror.

The thing about words is that meanings can twist just like a snake, and if you want to find snakes look for them behind words that have changed their meaning.

No one ever said elves are nice. Elves are bad.