I know that we as fans understand while Luffy did defeat Kaido, it wasn’t a pure 1 vs 1, the accumulated damage Kaido sustained and the circumstances surrounding the fight makes it clear that if this was a pure 1 vs 1 Luffy would’ve lost.
My understanding was that the one piece world did believe Luffy to have defeated Kaido 1-on-1 but the way he’s been treated by Lucci, Kizaru and now Gabban telling him not to underestimate Loki, tells me that the one piece world also have the same understanding as the fans and don’t actually consider Luffy to be Kaido’s equal in terms of strength
My understanding was that the one piece world did believe Luffy to have defeated Kaido 1-on-1 but the way he’s been treated by Lucci, Kizaru and now Gabban telling him not to underestimate Loki, tells me that the one piece world also have the same understanding as the fans and don’t actually consider Luffy to be Kaido’s equal in terms of strength