The problem with SBMM is it doesn't work on a P2P platform, where it effectively reduces lag. If we were on dedicated servers then that would be a better discussion and we can talk coding is too/less restrictive. The game is flawed from a design perspective. Destiny was first advertised as a PVE game with PVP being an "other activity" from the original marketing. I honestly don't think they envisioned that PVP would be as successful and popular as it is now. You need to cater to all markets and I get that, but how do you do it in its current state of design that is fair to all skill levels? Simple answer you can't. Even with ranked playlists you are still going to get a ranked player or team that is in another country. It is going to happen and when it does you can throw SBMM and CBMM out the window. LBMM is all that you have. And he who lags last usually wins.
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People who think dedicated servers fixes P2P are idiots. It is only GOOD if you have a good connection to THAT SERVER. What is varying when you add global factors into the mix. e.g. dota 2 EU players getting stuck with Russians. US players getting stuck with South America players.