There is nothing wrong with using a quality, accurate semi for elk. Every hunter that I personally know uses a bolt action rifle. At the large private range where I shoot, I have only ever seen a few guys with semis getting ready for elk season. The bolt action is truly the most popular rifle in my part of the west.
However, you should go with the rifle you like and feel most confident in shooting. One other aspect to consider is that western hunting is hard on guns. You spend a lot of time walking, climbing, scrambling, sliding down or across slopes, etc. The wind blows a lot. It can be very cold or unseasonably warm. In short, your rifle gets a workout. At the end of the day, my gun looks like it has been in a battle. If your semi always works in bad conditions, especially with dirt blown into it by the wind, you are good to go. The bolt action will work, for sure.