If we look at the two steels they are clearly siblings. Both steels have alloying elements in the same proportions to one another, just m390 has a little bit more of each alloying element. (Except manganese and molybdenum, which are the same, and silicon, where elmax has .1% more)
I would say from personal guess that the reason why m390 is being used more is because many folders and small fixed blades are being produced for which toughness is less important than edge retention. (Lower alloying content tends to lead to higher toughness)
As a side note it has been my experience that m390 is for some strange reason remarkably easy to sharpen given its high carbide load. (I have heard speculation this is due to m390 seeming to not produce stubborn burrs) Elmax does not seem to have this same super easy to sharpen quality.