Insular dwarfism is an interesting thing. It doesn't have to be an island, it just needs to be somewhere with limited resources or a selection pressure for big creatures to thrive when smaller, and it'll happen over time. Likewise there are examples of small species finding themselves thus isolated and evolving to ridiculous size - the same optimal size rules seem to occur. If you're curious, the terms you're looking to look up are 'insular dwarfism' and 'fosters rule.
I got fed up with islands in my campaign being basically the same, and I started populating them with real world examples of extant and extinct species. And these are one of my favourites.
We know there were many species, over many years, on different islands, evolved from elephants of different lineages. You can make them a bit bigger, even a little smaller without straying too far from the realms of what happened or what is feasible. Little mammoths? Yep, that was a thing.
One other thing - dwarf elephant skulls probably inspired the cyclops myth. The huge hole in the skull for the nasal cavity and little tusks are bizarre, if you don't know what you're looking at.
Dwarf Elephant
by Cab Davidson
Stat Elephant, Dwarf AC: 5 HD: 3+3 Movement: 120’ (40’) Atacks: 2 tusks Damage: 1d6/1d6 Number Appearing: 0 (1d20) Save As: F2 Morale: 9 Treasure Type: Special Intelligence: 4 Alignment: Neutral XP Value: 50 Elephants species occasionally find themselves stranded on islands as land forms change over time, and it is impossible to retain their original size with limited resources. Invariably they become smaller over generations, whichever lineage of elephants they originally come from.
The typical dwarf elephant is around 3’ tall at the shoulder and weights in the region of 700lb. It is short, but can reach up to 5’ high with it trunk. It is incapable of attacking by trampling, like larger elephants or mammoths, but it can still attack with its tusks. The tusks themselves are of some value, and can be sold for 10-50gp each.
The appearance and disposition of dwarf elephants can be very variable. Those from lineages of mastodons or mammoths may be shaggy, those descending from elephants may be bald, and depending on the islands they are on their ears may be large or small. Likewise, depending on the resources available on their island they may have developed into friendly creatures that can be tamed or into angry, snappy little elephants with the demeanour of terriers.