If you dont think that there is a subtext of deep emotion in this fight, you aren't looking closely enough at the panels.
We've seen anger from Luffy. Without a doubt, there have been tons of panels where Luffy has the lined shading over his eyes. However, this is the first time we've ever seen Luffy look appropriately crazed:
This isn't not the face of someone who has just witnessed unfairness that needs to be corrected, or sees an enemy that he needs to defeat.
This is the face of someone whose realized that unfairness is everywhere in the world and that he can never do anything to properly fix it, and realized that the enemy he needs to defeat is someone he hates so much that he'd be willing to drive himself to death and inglorious sucide rather than lose to him even one more time.
But also the face of someone who needs to convince himself that he's satisfied with it ending up like this, and trick himself into thinking that he's happy in order to not go fully insane at the revelation of everything's futility.
In other words, that face of Luffy at the end of chapter 1044, was more realistic and relatable than any anger face he's ever given us.
That expression had calmed down and smoothed out a bit within the latest chapter, since he seems to have regained a little bit of hope, but in terms of emotions of anger, these last couple chapters have been the highlight of the raid. Not a low point at all.