I agree with the first point but the second point feels irrelevant. Yeah, people's life schedules don't revolve around it, but that doesn't mean shouldn't make iy a competition. Most people who play on chess.com don't have lives that revolve around it, but that doesn't mean that chess.com should abolish Elo rankings.

afai your elo score don't depend of your timezone

The global leaderboard encouraged bad behavior against the entire project. Including criminal things like attempting to ddos the site.