I think there's a paper somewhere claiming that completely random linking is just as good as union-by-rank (in expectation).
Here is a more recent paper (from this year) analyzing concurrent union find with random linking: https://arxiv.org/pdf/2003.01203.pdf
Our team is actively working on improvements in this part of our data infrastructure (hence this project & blog post) so maybe there will be a follow up coming up with the next version of our Identity implementation...