The BEAM VM is what makes all this possible and the BEAM VM has been around for decades.
Many of my dev friends with hipsterish inclinations jumped on the Elixir hype train in the past year or so. I really don't see how this is different than past "hype phases" of other technologies.
If I am not mistaken Elixir is primarily a front end that generates code for the Erlang VM (BEAM) supported by the Erlang OTP backend.
Having said that the questions remains, why doesn't Erlang get the same hype? I am hazarding a guess that a majority of developers still work in the imperative style and switching to the functional side takes a bit of relearning in the way you think.
Erlang did get the same amount of hype, probably multiple times in the past 20 years. So did many, if not most reasonably well-known languages, programming paradigms, architectural solutions, databases, frameworks and so on.
I do not make any judgement about the merits or maturity of Elixir itself. Elixir is perfectly fine.
As developers we should have a healthy dose of skepticism when it comes to blog posts that claim 10x speed improvements with technology X. Was it just the rewrite? Does your use case match mine? And so on... In short: Everything is a trade off, and there is no silver-bullet.
Erlang accumulated a lot of worts, but it never really got rid of them.
I don't think Syntax matters all that much. Smalltalk's syntax is pretty odd, but its regular and simple to explain/understand, so people quickly come to like it. Smalltalk's VM's though are a huge barrier to entry.
Erlang is the reverse: great VM... great architectural decisions... great libraries.... questionable language semantics.