At this point Ugin as an Elder Dragon is the only thing redeemable about anything involving him. It would explain why the Tarkir **** are elder dragons and it would explain why he has the powers he has.
That's not how it works, though. You have to be born as an Elder Dragon, the little **** on Tarkir only got the Elder type in their second incarnations. It would also raise the question of why the other Tarkir dragons aren't Elders. And I mean, he clearly isn't as powerful as Bolas, so just being a big old dragon 'walker who turned his body into pure energy should probably account for his powers alright.
They had twenty years to flesh out the Elder Dragon War and shoot us more info on them, but just randomly making Ugin a Elder Dragon for cheap coolness now without any context would stink. My preferred explanation would be that he's a Lesser Elder who was sired by an Elder Dragon coming to Tarkir with one of the serpentine dragons that must have existed on Tarkir before the other dragons. This would explain why he resembles Bolas and why there are depictions of Asian style dragons on Tarkir, and it wouldn't contradict Bolas being the last surviving Elder.