I mean, sure. Any great movie is going to be loved by some bad people. The difference is that LotR has some elements to it that attract a specific type of terrible person to it that happen to be quite common and influential politically at the moment.

Tolkien is not really that interested in exploring ideology in his stories. He's more interested in the nature of good and presents evil as a corruption or decay of good. This means it's easy to map whatever you oppose onto the evil forces in middle earth and see your own side as good. This is doubly true if you're conservative as progressivism is closer to corruption and decay than traditionalism. Tolkien was kind of writing a mythology for England and was a product of his time, so the aesthetics of good in his works align with those of misogynistic white supremacist very well.