Nope; it means there is less skill and more luck in pinball.
One way to measure the total amount of skill in a game is to count what are called "80/20"s. Take the best player in the game, and find another player they can beat about 80% of the time (and the other player wins 20%). Now take that player and find another player they can beat 80% of the time. The length of that chain, all the way down to the lowest-performing player, is a measure of the overall skill and variability of the game.
Chess clearly has more, way way more. The world champion can beat a pretty high grandmaster 80% of the time, and that grandmaster beats ... etc etc. There are easily 10+ levels of 80/20s in chess. But in pinball, I'd estimate there are probably 4. A world champion beats a very good player 80/20, the very good player beats the average player 80/20, the average player beats an amateur 80/20, and the amateur beats a player with almost no experience 80/20.
Ratings give a picture of this, too. In both chess and in Matchplay's pinball ratings, the 80/20 is about a difference of 240 points of rating. Right now, the highest player in chess has a 2882 rating and the worst player in chess has around a 400 rating; a range of almost 2500 points. In pinball the range is about 1000 points.
One solution is to artificially inflate and widen the ratings, which could be done easily by changing the numbers (in the same way that 7-5-3-1 and 3-2-1-0 are the same system). The current implementation uses the same overall rating methods that chess does.
Thanks @haugstrup for all your work! This is really cool.