Overread, your post makes me want to puke and I certainly hope that you are not trying to become an artist.
In DC there was once a man who ran a photo gallery that launched a certain number of the better known art photographers in town yet he was pretty much hated by most of them. Why? Because he wasn't a snob.
The man loved photography and gave a chance to anyone whose work he liked. His gallery, depending on the year, would be open for 3, 6, 9 months only because he was a waiter. Yes, some waiters in DC make excellent money but it's still not much when you consider the costs of running a gallery. He put every extra dollar he had into his and most of his shows were people who had never shown before and he was rewarded by your kind of attitude.
You can complain all you want about the snobs on the viewing/buying side but what about your snobbism? That of the rejected wanna-be?
To answer the OP, photography has always had a hard time establishing itself as a valid art form with collectors mainly because of 1/ the possibility of reproducing the work forever (unlike a painting or sculpture) and 2/ what is the life of a photo print? Paintings last forever with a little bit of care but we don't really know how long a photo will.
And from a recent talk with a gallery owner, digital photography has brought the problem to the forefront big time. What is the life of a digital print? Is a digital print even a photo print? I'm actually wondering if digital has not just killed art photography...
For those reasons I moved to painting full time some years ago. I'd always sold more paintings than photos when I was trying to be an art photographer so it was not a hard decision to make. And to be honest, I couldn't care less what media I create in. So long as I create and say what I want to say, I'm happy. And if someone buys the stuff, I'm ecstatic.
AND I went from selling a work for a few hundred dollars to selling for a few thousands. Should I complain?
To answer the OP more directly, no element makes a work of art a work of art. It is a combination and nobody knows what exactly that combo is.