Umm, isn't this the DEFINITION of elastic and inelastic collisions?
If you want a physical intuition beyond that, we think of elastic collisions as those where the two balls colliding are perfectly rigid. So when they hit each other, they just immediately start moving in a different direction, their accelerations being instantaneous. In an inelastic collision, as the balls hit they deform each other before moving off in different directions. This deformation leads to the generation of sound, heat, and frictional forces between the two, all of which dissipate energy. Being perfectly rigid, the hard-sphere collision does not suffer from this.