My understanding is that "luck rating" measures the difference between
how we should be performing, based upon our Kenpom ranking and other ratings, and
our actual performance to date.
Our high luck rating tells us that we are significantly overperforming right now. It could be because we are currently under-ranked. It could be because the kenpom stats are failing to capture something our team is doing to succeed. It could be because we are primed to fall back to earth soon.
Personally, I think we're currently under-ranked. But I've been accused of being biased on occasion.