That's what they want people to think but it's actually a form of monetised matchmaking that manipulates gameplay and your connection to either get users spending more on microtransactions or increase player retention. SBMM did live up to the name a few years ago but now it's all about fake ping, phantom connection issues, inflated lag compensation and heavily curated lobbies that will always disperse once a match completes. Cold War showcased this the best for me - I'd have one epic game, a good game and then an absolute nightmare. I could go 40-5 hitting everything and then 7-28 not being able to land a shot and feeling like I was always behind the play. Just when I was ready to rage quit, I'd have a blinder and then continue playing only to get trapped in the cycle. Other players get roped into buying P2W guns and are deliberately matched into lobbies where users might be using them. There was patented concept sheets leaked a few years ago about this that people have forgotten about and it's already well in motion without most realising. Only way to really get round it is tank your K/D with a burner account and then join it with your main to reverse boost like every YouTuber but that's no fun.
Connection-based matchmaking will never return with Crooktivision at the helm. Matchmaking and matches in general are rigged which is why the fun is sapped out of many of the games in recent years. Activision even DMCA'd most of the videos that studied extracted datamined material of their matchmaking processes and from what I remember, skill is literally the last thing that matters now unless you are a gutter-ability player.