Based on a quick search, it looks like regenerative braking for elevators is available, albeit not universal. There's also a big difference between doing it in

Based on a quick search, it looks like regenerative braking for elevators is available, albeit not universal. There's also a big difference between doing it in an elevator, which operates intermittently, can't be scheduled to match grid supply and demand, and works with relatively light loads, and doing it with a dedicated system that can match the grid and use much heavier loads.