[Finwe]

It was probably canon since it makes sense. Elrond knew that the time of the Elves was passing, his people were leaving those shores. If he chose to become King, he would be King of the Noldor only in name. He wouldn't have a people to rule. By the end of the Last Alliance, most of the Noldor in Middle-earth either perished or sailed West. The ones who were left generally were in Imladris, already under the rule of Elrond.

Also, Elrond was descended from Finwë through the maternal line. Idril, Elrond's grandmother, was the daughter of Turgon, the grandson of Finwë. Titles such as Kingship can't be passed through the female line (generally) unless a specific Law of Succession exists, enabling females to rule (ex. in Numenor). Now if the Noldor were truly desperate to have a High King, Elrond could have assumed the throne, but no one was desperate, since there were very few Noldor left.