It would make sense if we accept the consistent inconsistency.
Awakening: boss of Dressrosa had it, main opponent in WCI had it, and... Kaido doesn't.
Resurgence: jack in the mix after defeated by admirals, jack in the mix after being crushed and thrown to the bottom of the sea, and... Kaido is just down forever.
I mean still no explicit mention of what the fuck his ending is even supposed to be, but sure.