Was this a speed skating competition?!
It isn't a race. It is a skating competition, in which skating quality including speed affects not only the Skating Skills component but also the impression of the other components and of many of the elements.
Seriously though - while speed makes everything more difficult, and may contribute to GoE's and Skating Skills (even though "speed" is not actually listed among the component criteria)...
Speed is listed in the Skating Skills component criteria:
SKATING SKILLS
Defined by overall cleanness and sureness, edge control and flow over the ice surface demonstrated by a command of the skating vocabulary (edges, steps, turns etc.), the clarity of technique and the use of effortless power to accelerate and vary speed.
Use of deep edges, steps and turns
Balance, rhythmic knee action and precision of foot placement
Flow and glide
Varied use of power, speed and acceleration
Use of multi directional skating
Use of one foot skating
Maximum or average speed throughout the program is not explicitly listed. However, acceleration is more effective if it results in a higher top speed, achieved more quickly/efficiently. Varied use of speed is better achieved if it includes some fast and very fast skating along with some medium and slower speeds. So a skater who never reaches high speeds will by definition be at a disadvantage on that particular criterion.
"Flow and glide" and "Deep edges" are often closely related to speed, but they're not exactly the same thing so it is possible to have one without the other.
we can't just cherry-pick a few individual aspects of the skaters' performances, and use those alone to justify (or refute) how the scoring went.
True. But if one person says "Skater X absolutely should have won because she was better at A, B, and C," it's certainly valid for someone else to point out "Well, Skater Y was better at D, E, F, and G . . . and many experts consider D to be a highly significant quality."
I.e., if the first person cherry picks some qualities, the second person is not necessarily cherry picking different qualities, but expanding the range of qualities to be considered.
There can still be disagreement as to which qualities should always be considered most important, or as to the size of X's advantages in her areas of strength vs. the size of Y's advantages in hers. Which is why it's often hard to say that any skater absolutely should have placed higher with no questions -- only that there is an argument, perhaps a strong one, for putting that skater winning. That doesn't preclude the possibility of equally strong arguments for a different result.
Which is why it takes a whole panel of judges -- and now technical specialists -- to determine results.
ETA:
"Good speed or acceleration" is an explicit positive GOE bullet point for step sequences and choreo sequences, and "Poor speed" is an explicit GOE reduction for jumps. (Also "Slow or reduction of speed" is a negative for spins, but that's rotational speed which is different from speed across the ice.)