Blunt noses subsonic drag - why a complete ellipse?
What you are missing is suction on that round nose which adds some thrust.

Granted, around that stagnation point there is a pressure region which also acts on a forward-facing surface, thus creating drag. But that region is small. Thanks to the curvature of the elliptic nose shape, air accelerates quickly out of this high pressure region. In order to follow the curved surface, the pressure has to fall below ambient on a still somewhat forward-facing area so the air is actively pulling the nose forward. No such suction can be expected on the straight contour of a pointed, cone-shaped nose.

The plot below only shows an airfoil, but flow around an elliptic nose is quite similar.



CPV plot from XFOIL, showing local pressure as arrows. Suction is pointing out, pressure into the contour. Length denotes difference to ambient pressure.