If Luffy loses AGAIN after all of the recent bullshit and having his devil fruit retconed into literally being the embodiment of a god, Luffy has no business becoming Pirate King next arc or the one after that. There has to be a limit on how many times he can consecutively lose against the same villain. For most people, including myself, it has already been reached!
Ask yourself, what would Oda even do to make Luffy fight Kaido again this time? LITERALLY make Joyboy or Nika posses his body and finish the battle for him? Because that seems like the only logical conclusion left at that point. If Luffy keeps fucking up Nika, Zoro, a somehow revived Ryuma, Blackbeard or some Admiral showing up and finishing off Kaido seems like the only viable action left to take.
But you know what? I sincerely hope he loses again because the amount of salt some of the "Luffy is Top 3 in the verse" people would produce after another L would be truly glorious.