I believe black lightning we see sometimes is Oda's way of telling us that person has Conqueror's haki
Most of the time when we see black lighting, it's been said it's Conqueror's haki:
Other confirmed Conqueror's haki users creating black lighting:
Unconfirmed Conqueror's haki users:
I believe black lighting also shows us Conqueror's haki users that have yet to unlock it/either use it subconsciously/ can't control it or just not confirmed by Oda.
Sabo:
We see from Burgess vs Sabo clash that black lighting is only on Sabo's side of the clash, indicating that Sabo is the one with CoC.
Sabo also has other qualities:
2nd in command of revolutionaries
2/3 brothers have CoC, leaving Sabo out would be weird
Sabo is royalty
Sanji:
Sanji has shown black lighting multiple times. He also have the qualities:
Royalty
Has similar dream as Luffy- after a place which is believed to be not real.
Same how Rogers crew had multiple CoC, Luffy's crew may also have multiple CoC users
He's been chosen as leader multiple times:
Yamato:
Kaido's son, pretty high chance he also has CoC
Don Sai:
Happo Navy captain
Don Chinjao's grandson, so pretty high chance he has CoC
I probably missed some examples but these are the ones I remembered.
Most of the time when we see black lighting, it's been said it's Conqueror's haki:

Other confirmed Conqueror's haki users creating black lighting:

Unconfirmed Conqueror's haki users:
I believe black lighting also shows us Conqueror's haki users that have yet to unlock it/either use it subconsciously/ can't control it or just not confirmed by Oda.
Sabo:

Sabo also has other qualities:
2nd in command of revolutionaries
2/3 brothers have CoC, leaving Sabo out would be weird
Sabo is royalty
Sanji:

Sanji has shown black lighting multiple times. He also have the qualities:
Royalty
Has similar dream as Luffy- after a place which is believed to be not real.
Same how Rogers crew had multiple CoC, Luffy's crew may also have multiple CoC users
He's been chosen as leader multiple times:


Yamato:

Don Sai:

Don Chinjao's grandson, so pretty high chance he has CoC
I probably missed some examples but these are the ones I remembered.
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