I'd honestly argue the hype already settled. Elixir peaked in hype and mind
share near 2016, where everyone was calling it the Rails killer. There were articles about it every day and the language burst into the scene with incredible force.
Since then, the community has matured, many have either moved out or settled with it. It's gaining momentum but the strong and steady kind, not the overhype kind. There isn't this infatuation over it anymore as we used to see those days.
Elixir is now in the strong, mature community stage. It's not hype anymore, it's the period of subdued stability and steady growth.