I haven't watched either the second Hobbit film or the third - let me say that from the beginning. I find it hard putting into words how much I disliked the first of Peter Jackson's Hobbit films, and how much I cringe when I see anything to do with the other episodes, without coming across like an arsey killjoy, so I won't bother. Suffice to say the first film was stupid, loud, obnoxious, annoying, boring, and rang completely false against the source material, and nothing in the trailers or advertisements or reviews for the others suggested they would be worth watching to somebody who had that view of part one.
The best thing about the book of The Hobbit is the treatment of Bilbo. Tolkien doesn't often get credit for being an intelligent writer, but he was one: he thought carefully about what he was doing. He was writing a children's book and also a book that was very unusual for its time. He well understood that making the story all about Gandalf or Thorin or Smaug would be a mistake. There needed to be a human lens through which to view events in this strange world - somebody for children to empathise with. And that human lens came in the non-human form of Bilbo Baggins and his development from clown into hero. Indeed I don't think it's a mistake that the main character of the book is child-like in size. He's a small person in a grown-up world, and children can identify with that in a very deep and strong way.
Adults, though, who were children once too, also get that. I don't think reading The Hobbit would be quite as fulfilling for a 40 year old as it is for a 9 year old, but the effect is still there. If you've never experienced fantasy fiction before, the book functions as the perfect introduction because Bilbo's journey is a little bit like it: a person plucked from mundane reality and cast into something much stranger.
RPGs work best, I think, when they adopt a similar approach. I don't think it's an accident that when you look at the most popular and iconic games - D&D, Traveller, Call of Cthulhu, etc. - you notice that the expectation is that the PCs start off as close to children as possible: weak, small, lacking in power and knowledge.
The reason for this is largely mechanical or pragmatic - if players start off knowing everything and being all-powerful there doesn't seem much to do, and rewards for success are harder to come by. But the effect is that campaigns in those games have something of The Hobbit about them: D&D PCs, if they survive, very much tend to follow a Bilbo-like career trajectory. This, in turn, makes them easy to empathise with, and hooks the players into the game and setting just as the reader is hooked into Middle Earth. The child becomes an adult, the hobbit becomes a hero, the 1st level character becomes a 20th level one.
Game designers overlook this at their peril. Starting off powerful may seem AWESOME on the face of it, but it's not the right approach for lasting enjoyment and immersion.