I would say, it depends on the hunter and their purpose for having the tag and the order of their priority.
If, it’s a either sex tag, your reason for hunting may be hunting for a set of antlers first, second priority is the largest amount of meat, third, the flavor and tenderness of the meat.
Then it’s:
1. Bull- older than a spike
2. Mature Cow
3. Heifer or Spike
4. Calf
If, it’s a antlerless tag, it’s a meat hunt. If all you care about is the amount of meat, it’s a cow, then a heifer, finally a calf.
1. Cow
2. Heifer
3. Calf
If it’s antlerless tag and you are more interested in the flavor and tenderness, than the amount of meat, then it’s a calf, then a heifer, finally a cow.
1. Calf
2. Heifer
3. Cow
Ethically or morally, I believe every elk is of equal value to the hunter. Personally, I don’t care for elk meat bull, cow or calf. I’ve shot plenty and now that I can afford to buy meat anytime I want to, and I have all the elk antlers I want, I don’t shoot any. I would find killing one of any sex or age unethical, even though I would eat it if I killed it. Don’t wanna eat it so I ain't gonna kill it. It’s one more y’all can hunt and eat.