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War is only presented as tragic when the heroes ('our side') lose. When the other side lose it is seen as good, as glorious. So, war, in & of itself, is not tragic - only the defeat of 'our side' is tragic. War is only bad if 'we' lose.
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Then again, there is only one story, and that is unfinished, about confronting evil forces which are not (directly) imbued with a mythological power (The new shadow). If that particular power, through its various agents, succeeds, then it is end game. It is not like the victors have some good side that could, in time, develop. If Melkor wins, he brings the whole house down; he is too nihilistic not to, cf Myths Transformed. If Sauron wins, none may see the end of his reign, cf Gandalf, Last Debate.
We may see evil loosers in the third age who have less of an unfair advantage (I am reffering to their use of the evil power in Arda), and thus far more merit.