Mihawk let fodder Krieg off the hook. Didn't even fight back as Krieg opened fire at him. Postponing the match with a WB top commander and swordsman out of respect (since they clashed out of different motives) is nothing that downplays Mihawk.
Mihawk is called WSS in all sources. Yet his former rival, who is also a DFless swordsman, is somehow = or >? Then why doesn't Mihawk fight Shanks while going even as far as to train Zoro, to have an opponent he can fight with and lose? Mihawk would be ashamed to hold the WSS title if he couldn't even beat a one armed swordsman.
Mihawk = 2 armed Shanks. As they were rivals for a prolonged time, their growth rate is similar. But then Shanks sacrificed one arm. That sacrifice would have no meaning, if Shanks did not only decline in strength but actually got stronger.