Fair points, but another important part of showing how much of a threat a big bad is comes from atomping Luffy. Crocodile, Lucci, Katakuri and Kaido were all memorable thanks to kicking Luffy's shit in round 1. if Luffy just goes Nika, yuks it up a bit, then deflates kind of how it went against the gorosei, it won't really imprint "you are out of your depth boy" and the series really needs some of that back.
And wrecking Loki is not enough, we barely know him, the "main support character" of the arc getting shit on is just not the same as Luffy getting beaten for the first time as Nika.
Though a part of me really wants it to be Teach. Luffy at his freeist facing against the fucker that indirectly killed his brother and who can steal Luffy's freedom with a touch... but that kino is likely still very far, so I will take what I can get.