One study showed it means something: “Clearly, better teams will have longer average winning streaks, while lesser teams will have longer average losing streaks. In fact, the correlation between the two entities is −0.5235, which is statistically significant (p = 0.0030).”
The weakness of the study is that better teams were determined by winning percentage. It is likely that the length of streaks was an indirect and imprecise measure of each team’s winning percentage. In other words, it had no added value, so it meant nothing.