I have to wonder how much the odds reflect recent memory. Suppose, for example, that Holzhauer's domination occurred 15 years ago and that this season a guy named Ken Jennings had gone on 74 game winning streak. Would not Jennings now be favored to win the goat tourney with discussion centered on his superior "aggressive but tempered with some caution" approach to the game?
I'm sure there is some recency bias. But also Jeopardy seems like a game that has evolved. So more recent players are probably better, like poker.
Also the rust factor, especially regarding buzzing in.