Yeah, although this is basic "problem of evil" stuff transposed to Arda.

I've been tossing around the idea that Manwe is simply an usurper lately though. It fits rather well with the reading; the entire substance of the Silmarillion is a conflict between Aule and Morgoth, with almost all major figures and races being created or serving these two, and in fact in many bases (Sauron, Sarumon, the Balrogs) one and then the other.

Viewed from a presumption of an unreliable narrator, the striking thing about this narrative is that the Noldor, servants of Aule, despite being conceded as basically the greatest of the races of elves by deed, being the creators of the Simarils, all the great wonders of the First Age, and champions who stand basically alone against Melkor and his hosts for five hundred years in a stalemate- with some help from humans and, notably, Aule's other children, the Dwarves, and the first of the dwarves, the race of Durin- but despite all this and their great accomplishments, they come off rather badly. Their worst deeds are always held up, they are shown as futilely defiant, despite their power, and they are very nominally made to be subservient to the Vanyar, as Aule is nominally made to be subservient to Manwe, the Vanyar's patron.

Now, it's very noticeable that Manwe and the Vanyar do basically nothing in any of the books. In fact exactly one figure associated with Manwe at all has any sway over the history of Arda... and that happens to be Gandalf, who is viewed as less than strictly honest by even his friends, and who is one of the closest advisors to the restored Numorean line of Gondor at the end of LotR, and thus would have great influence over the in-canon writers of the LotR and the Silmarillion.

Elrond, Galadriel and others might have been consulted, but Elrond's knowledge of the First Age and prior events is second-hand, while Galadriel is half-Noldor and unlikely to have shaped such a negative assessment of her kinfolk, especially since the tale puts her right in the heart of the Kinslaying and Feanor's ship-burning. And most of the other great elf-lords of Middle Earth who might have been consulted were entirely Noldor, while Treebeard is quite neutral on the wars against Morgoth and Sauron, and Tom Bombadil is of course both a liar and a monster of unspeakable evil.

The idea that Melkor and Aule were in a personal contest for power with the other Valar mostly neutral, with Manwe eventually seizing power in the gap, also holds with the Valars' long and puzzling neutrality for five hundred years after the purported destruction of the Trees.