It's not necessarily the greatest thing I've ever read, I can think of several books that I liked better.
But I definitely don't see where people find basis for the series being a LOTR knock-off.
Most fantasy books have races such as elves, dwarves, and dragons in them.
I didn't notice Frodo making friends with any dragons though, or any hobbits (or similar creatures) in Eragon.
Besides, I like Eragon much more than I liked any of Tolkien's books, except for The Hobbit.
His others were kind of tedious, not at all my type.