To start with, I personally think (and you may disagree) that the rarest and most valuable offensive hockey players are the ones who are elite -- or at least very, very good -- at both scoring goals and at setting them up (play-making, if you like).
Ovechkin in his heyday had a few top-10 assists seasons, which is good, and he had his one and only scoring title in 2008. He clearly is/was a competent and skilled passer/playmaker... but he has never been elite at it, and has only rarely been, say, top ten or fifteen in the play-making category. Anyway, I would personally (and you may disagree) rank someone like Jaromir Jagr (or Jean Beliveau) ahead of Ovechkin in terms of offensive ability and overall impact, largely because Jagr was better at both scoring goals and setting them up. 5 scoring titles is far more impressive than 1, and while Ovechkin's goals-titles are otherworldly (in fact, the most ever in the NHL), I simply don't find goals totals to be nearly as impressive as point totals
This is a matter of taste and here we just disagree. I prefer players who have a face, who excel at something. It seems dull to me to imagine the hockey history that consists of players lined up on the number of Art Rosses and top10 finishes in points. I would like top10-top20 players to have a legend around their names - and yes, 5 Art Rosses and 4 in a row is a good legend, but it is not the only one possible.
Maurice Richard has no Art Rosses and only one Hart - but he is a staple in top10 players ever. He has his goal-scoring legend, he has his playoff legend. Ovechkin's goal-scoring legend is bigger than Richard's - even though Ovechkin does not have the same level of playoff success, he deserves to be next to Richard based on his goal-scoring.
Bobby Hull had one fewer (so far) NHL goals' title than Ovechkin (plus another in the WHA), but he also had three scoring titles to Ovechkin's one, and a bunch of top-6 assists finishes.
In any case, I cannot really see any argument for him in fifth-place. That just seems way too high, regardless of how many goals he ends up with.
Bobby Hull has long been (and probably still is) my choice for #5 all-time. I know that not everyone would agree about that, but I do not think many people have Bobby Hull out of top10 ever either.
Ovechkin is as close to Bobby Hull as they come. They have very different career arcs despite being very similar goals-scorers, but the overall career value is similar.
Bobby Hull's peak years were 25 to 29, when he was nominated for Hart for five years straight despite winning Art Ross only once during these years, but he was freaking doubling the production of #5 in goal-scoring these years. In comparison to that, his pre25 seasons were hit-and-miss: yes, he won two Art Rosses, but those seasons were sandwiched in between a 50-point season, a 56-point season, and a 62-point season, and the Hart voters showed little love of young Bobby's Art Ross-winning campaigns, especially the first one.
(That actually reminds me of a tired narrative "Ovechkin started like Bobby Hull, but then turned into Brett" - I was always wondering whether people who say that mean that Ovechkin started with posting multiple under-ppg seasons and failing to win a Hart in his first 7 seasons in the league. If they do, who were they watching instead of young Ovechkin - Patrick Kane, maybe? If they do not mean that, what is the similarity between pre25 Ovechkin and pre25 Bobby Hull other than 2 goal-scoring titles?)
Ovechkin's pre30 career is in fact a mirror image of Bobby Hull's: the first five years of Ovechkin are similar to Bobby Hull's 25-29 period (Ovechkin was nominated for league's MVP in four seasons and won three times - vs. Hull's 5 nominations and 2 wins, Ovechkin was running laps around his goal-scoring competition, Ovechkin was in fact better in the points race - he was close to winning three times and won once, Hull won once and came close once more). Then between 25 and 29 Ovechkin's seasons were hit-and-miss, like Hull's pre25 career - Ovechkin had two Hart-worthy campaigns, but also a couple of off-seasons. Yes, post25 Ovechkin was challenging for Hart based on his goals, and pre25 Hull was better at putting up points, but a Hart is a Hart, a nomination is a nomination.
It is also interesting that while Bobby Hull does come across as a better point producer, I do not think "3 Art Rosses vs. 1 Art Ross" is a fair comparison. Ovechkin was within 3 points in 2008/09 and 2009/10. He missed some time, he did not win, but the lack of those 6 career points does not really make it 3-1 in Hull's favor. Also, Ovechkin came within 4 and 6 points of an Art Ross win two more times, while Hull finished 2 points behind Mikita once, and in other years he was 10+ points behind the winner.
All in all, pre30 careers of Ovechkin and Bobby Hull seem similar with advantage to Hull (one more MVP nomination, one more goal-scoring title), but Ovechkin seems to create a longevity gap over Hull. Hull never won a goal-scoring title after 30, he moved to a weaker league at 33 and was not exactly setting in on fire either. Ovechkin is still winning goal-scoring titles, Ovechkin is still collecting Hart votes. Another year or two like the current one, and Ovechkin can move ahead of Hull in terms of career value, and even if he does not, they still have to be ranked close to each other. If Hull is #5, then Ovechkin is probably #6 or #7, if Hull is top10, Ovechkin also is.