I think Luffy will get a huge PU by the end of this arc. But it's clear post-Wano Luffy was not as strong as his fans made him seem like. It seems an old wounded Gaban might end up looking better than his food buffed, healthy self.
They only had this illusion since Rumor Man was declaring Luffy as some formidable opponent when the MC was just using G2/G3 at that time. But now people see how fraudulent Kaido really is. Heck, his "portrayal" even fooled me back in Wano but the moment this dude was defeated in a 1vs1 by Luffy instead of being jumped by everyone in the final stage of this battle during his awakening mode, I knew he isn't that guy and will be powercliffed soon.
A mentally nerfed Kizaru was negging the form which forced Drunken Style Kaido to use FS and extra-measures to counter it should already tell enough but at least people cannot come up with excuses THIS TIME now that there's a god tier of which these excuses no longer work.