Suppose there exists a game that has so much luck, even the best players will lose 35% of the time.
So, given that premise, any ratings formula that could ever have an expected win probability of higher than 65% would .... suddenly mean Elo fails, does not exist, etc.?
How does that conclusion possibly follow logically from the premises?
Maybe the conclusion to draw when there exists such a high-luck game is actually: "This game has so much luck, it is nearly impossible for players to reach [some specific desired target Elo], because mastering a game with this much luck cannot be done."
At that point we can either:
1) Accept this limitation of the game design itself, and accept that for this game, ratings will fluctuate, and the Elo range and Elo ceiling might be lower than in high-skill games,
or
2) Complain that it's a broken system in need of repair, and demand a different formula for every game, based on the amount of luck involved.
Option 1 seems reasonable to me. None of those things bother me.
Option 2 seems potentially confusing, and to me, unnecessary.
The question of whether you choose option 1 or 2 is an individual personal subjective choice. Personally, I like the information gained from using the same Elo formula for every game, and I appreciate the avoidance of the chaos and confusion that would occur if each game had its own rating formula.
As used here on BGA, Elo serves several functions:
1) It's a record of what has occurred, with a bias toward the more recent games. So What? BGA explicitly states it wants players' ratings to change quickly to more quickly reflect players' skill level. Sometimes a player suddenly gets good at a game. That player is rewarded with a relatively quick rating increase. Good. I do not see a problem.
2) It helps players recognize high-variance, high-luck, and high-skill games by looking at the relative Elo ceiling and Elo spread. This is a good thing, in my opinion. I would not want every game to have an identical Elo spread and/or Elo ceiling.
3) It serves matchmaking purposes by use of Elo filters. Is it perfect? No. Sometimes you have a player who is better than the low-ish Elo indicates, and sometimes a player is worse than a high-ish Elo indicates. So what? It still works reasonably well. Even in high-luck games, I have observed a high correlation between a player's Elo and skill.
4) It allows for fun leaderboards with a challenge to remain atop the boards.
I see no issue with any of this.