The last time the elves had studied fake magic it was crude and its knowledge scarce. Magic users back then were rare and they guarded the few spells they knew jealously. In the days of the War of the Races, there was no such thing as a textbook, let alone an academy.
Modern fake magic was polished, clean-cut, and organized so that it was easy to learn.
The eyes of every Clan representative shone with greed, thinking about the army they could finally build. With a bit of study, fake magic would allow the most useless individuals to become precious meat shields who would keep the elites safe.
Suddenly the death toll that fighting monster tides and lost cities wasn't so scary anymore since the frontlines would be filled with expendable members of their society.
On top of that, the elves dreamed about the day when such newfound military strength would be used to serve a noble cause. Like taking back the land lost to the humans at the end of the War.
