As far as I'm concerned, any negative sum or zero sum or positive sum nature of the elo ecosystems is basically irrelevant to the powerlevelling change being bad. My critique of it remains even if the K factor changes so that an individual game remains zero sum regardless of the cumulative wins between players.
My issue with the power levelling change relies on three facts:
In games with a small player pool or large player counts per game (or both), repeatedly playing the same person is common even if you are taking completely random opponents.
Very strong players have a very high winrate against the general population.
There are reduced elo rewards for beating the same player, so that matches against them effectively overestimate the elo differential.
Thus strong players in games with a small player pool or large player count, if they care about their elo, are incentivized to avoid playing particular players that they have recently played.
As far as I am aware there are three potential solutions for these players. If somebody can think of another, please let me know.
1) Don't care about your elo, play anyway and accept that the games you are getting are bad for your elo.
2) Avoid the players you are on winstreaks against (potentially by red thumbing them).
3) Just don't play any games at all.
I think a lot of strong players care about their elo (this is probably a lot of why they are strong), so the first solution is not viable for these players (or probably more accurately, they'll do this while complaining a LOT in this forum).
The second solution goes against a principle the admins have expressed a dislike to by making this change - you should not be curating your games to only play specific opponents.
The third solution seems bad for the site - having a change that encourages players not to play does not seem in BGA's interest.
A side note I thought of while writing this: I believe there must be a ranking difference threshold where, assuming no reset on winstreaks over time, you cannot gain any elo in the long term against the same player no matter how many games you play - either you run afoul of the power-levelling change, or your winrate is not high enough to sustain your elo because of the difference. I don't know exactly how to calculate this threshhold (beyond the fact that the simple approach - you need 6 wins vs 1 win to maintain elo without powerlevelling change - is an overestimate of the difference because of the incremental penalties applied before the sixth win), but at a guess it's about 300 elo difference.