Opposition to the monarchy was indeed a major factor.
Many French nobles, a majority of whom adopted Calvinist doctrine, sought to regain and extend privileges lost to the monarchy.
- Nexon, Daniel H. The Struggle for Power in Early Modern Europe: Religious Conflict, Dynastic Empires, and International Change. Princeton University Press, 2009.
Calvinism represented opposition to the absolutism. It therefore naturally appealed to the political sensibilities of the French nobility vis-à-vis the monarchy. This led to many of them eagerly adopting Calvinist doctrines.
Everywhere, whether in England or Scotland, Holland or France, Calvinism fights for political liberty, or at least ranks with the forces that war against absolutism. The popularity of Calvinism among the French nobles is partly to be accounted for by this characteristic. They renewed under cover of religion that struggle against the monarchy in which they had been defeated when they fought on purely secular grounds.
- Grant, Arthur James. The French Monarchy (1483-1789). Vol. 3. The Cambridge University Press, 1914.
In contrast, Lutheranism was politically mild and thus found no resonance with the French nobility or urban elites who embraced Calvinism.
Additionally, the patronage system of France's provincial nobility helped Calvinism spread rapidly. John Calvin, well aware of how the system works, targeted important aristocrats. He constructed a successful strategy based on the hopes that converting one influential man would lead to the mass conversion of his clients and relatives.
Calvin appreciated the impact of clientage on religious conversions. He attached great importance to winning over the nobility to his cause, knowing that the conversion of a single nobleman could lead to multiple conversions among his relative and dependents.
- Knecht, Robert Jean. The French Wars of Religion 1559-1598. Routledge, 2014.
Lastly, there has also been an argument based on economics:
The relatively sudden conversion of so many nobles to the Calvinist faith has been explained on economic grounds. The nobles, it has been suggested, were particularly hard hit by the steady rise in prices ... Finding themselves impoverished, the nobles attache themselves to the cause that seemed most likely to bring them easy profits. Calvinism offered scope for material gain at the expense of the Church.
- Knecht, Robert Jean. The French Wars of Religion 1559-1598. Routledge, 2014.
For example,
Families holding bishoprics struggled to maintain their income and to defend their ecclesiastical properties from Huguenot seizures during the sixteenth-century religious wars. Calvinists frequently occupied and redistributed Catholic church lands and properties in Languedoc and Guyenne.
- Sandberg, Brian. Warrior Pursuits: Noble Culture and Civil Conflict in Early Modern France. Vol. 128. JHU Press, 2010.
However, Professor Knecht rejected this explanation by arguing that the French nobility did not experience a general economic collapse. I include it only for reference.