An absence of the wolf predator to prey on the elk would cause the elk population to increase dramatically, as there would no be longer the threat of wolves to the elk. This would lead to an overpopulation of elk. Once the elk population increased severely, the elk would start to die out due to insufficient sustenance available to sustain all the elk.
Even though it may seem that the absence of wolves is better for the elk population's survival, in actuality, the wolves keep the elk population in check, and ensure their population doesn't grow too big for their environment to sustain.