Jyelly pretty much nails it. The only things I would add are that the only players who "relax" in straight cbmm playlists are the top 10%. Everyone else sweats twice as hard. I'd also point out to those who don't know, D1 had sbmm from Day 1, it just was weighted much lower in year one and was raised in TTK because of player complaints about hugely mismatched games.
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I agree that SBMM is good, but SBMM could always be better, and Bungie owe it to their PvP players to improve their algorithms for closer, fairer matches. Of course, again, without dedicated servers, no matter how good SBMM is, it's the cheaters who are going to win. Although I laugh when the cheaters cheat and they still lose, because they're that bad that they can't even win with a lag switch at their disposal. ;) But then, they're cheaters who rely on cheating, pubstomping, stacks, meta to win, not actual player skill, so of course they're terrible: they're coddled by every advantage they have over other players that isn't actual skill.