The best grade of ele ears or leather processed into wraps have a urethane coating and they require little to no maintenance. I've had this type of ear on my cue for 7-8 years and it is in like new condition. Every 6 to 9 months I tamp mine with a damp paper towel followed by a tamping with a dry washcloth.
I've seen some elephant ear wraps that were "naked" (no urethane coating).
Those will deteriorate especially with sweaty hands and will benefit the most from leather conditoners.