The ring could have been destroyed a lot easier.

[Glirdan]

The Valar, eh? Two scenarios.

A scandalous effort by them to wilfully ignore the problem. "Oh! It's Middle-earth's trouble, not ours!" Cowards. Self-absorbed scoundrels. Do they really care about good and evil?

Or perhaps, just maybe, Elrond didn't know what he was talking about. Perhaps Manwë was sitting up there on the Mountain, shouting "No, you fools! Don't let the hobbit take it! Send it over here and we'll deal with it!"

But again, if this happened instead, there would be no story. The main thing you have to watch for when you come up with theories such as this is the story. Will your theory continue to have a story (having a plot, main and minor charcters, climax, all that fun stuff).