We investigate the origin of the elliptical ring structure observed in the images of the supermassive black hole M87*, aiming to disentangle contributions from gravitational, astrophysical, and imaging effects. Leveraging the enhanced capabilities of the Event Horizon Telescope (EHT)'s 2018 array, including improved (u,v)-coverage from the Greenland Telescope, we measured the ring's ellipticity using five independent imaging methods, obtaining a consistent average value of τ = 0.08−0.02+0.03 with a position angle of ξ = 50.1−7.6+6.2 degrees. To interpret this measurement, we compared it to general relativistic magnetohydrodynamic (GRMHD) simulations spanning a wide range of physical parameters including the thermal or nonthermal electron distribution function, spins, and ion-to-electron temperature ratios in both low- and high-density regions. We find no statistically significant correlation between spin and ellipticity in GRMHD images. Instead, we identify a correlation between ellipticity and the fraction of non-ring emission, particularly in nonthermal models and models with higher jet emission. These results indicate that the ellipticity measured from the M87* emission structure is consistent with that expected from simulations of turbulent accretion flows around black holes, where it is dominated by astrophysical effects rather than gravitational ones. Future high-resolution imaging, including space very long baseline interferometry and long-term monitoring, will be essential to isolate gravitational signatures from astrophysical effects.