Those actually are all SJW reasons. Lovecraft is good because he’s wrong! He is not the Other, he is us (us white folks in particular); that’s exactly why his work is fascinating. If Cthulhu was just a metaphor for race, Lovecraft’s writing would be a painful snooze. But you yourself just published an article using Cthulhu to refer to the rise of the reactionary right, an unironic borrowing from Lovecraft. Isn’t that actually a really cool metaphor to think about?
I recommend Houellebecq’s book on Lovecraft.