The real elegance of Lisp is that malloc() has been renamed to (cons) and everyone feels smarter about it. I jest a little bit, but that's really the fundamental thing about list-processing. For most code, you don't really care about runtime, and you really just need "a data structure that probably can solve the problem", and the (cons) based list of car and cdr solves it. List processing itself is an elegant techniq…
Of course in Lisp your code can and should have clearly named functions that encapsulate your use of conses to build data structures, but casually violating that encapsulation, or better yet doing without encapsulation at all, just playing with conses, was the cool way to do it, the way you programmed if you had even a little bit of swagger. That was fun as long as feeling smart about the fact that I could do it outweighed feeling annoyed at everyone else doing it, but in the end, the feeling of smartness faded and the feeling of annoyance remained.