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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 ofτ = 0.08_−0.02^+0.03with a position angle ofξ = 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.