Current damage system makes the game extremely unenjoyable

Yes, I get it. I'm new and probably don't understand all the specifics of the game engine. All advice I got here was "buy a good router".

I just played a game where my opponent let me land a 5 hit good power combo, mostly right hooks, straight into his face.

It did absolutely nothing. At max, the opponent's face became a worried expression. 5 hammers in his face and absolutely no flashes, or knockdown.

On the other hand, a single good punch from them and I can't see anything, they can spam fast jabs at like 3 punches per second and I'm getting absolutely rocked, but if I try to punch quickly it's like I'm just tapping him.

At some point this isn't just skill issue, the damage system just sucks. I can't wait for v3 to be implemented to see if it makes any difference. I got this game to workout, but it's really unenjoyable to go into every match and feel like I'm a child boxing with adults.

What is wrong with this? Is it really just the difference in ping?