I always knew why I didn’t like versus posts but this exemplifies it best. Any ‘rationale’ one can extract from an inconsistent, irrational medium such as comics is immediately flawed. The only fact that that really be garnered from fiction is that it all boils down to, “What kind of story am I telling?”
You can’t have objectivity in a hypothetical fantasy. Variables requires context. Context requires storytelling. Storytelling requires a point of view.
Lobo, of the two, is more likely to be a protagonist. Ergo Lobo is more likely to win. However, Lobo is both an antihero at best and an established comedic character, so the fight is more likely to end ironically rather than literally.
And this is why versus battles are fundamentally flawed.