After watching a pretty long game of jungle lulu, I have come up with my thoughts. They are pretty obvious.
Jungle Lulu does not scale well at all late game because it essentially amounts to having a second support, which is not the meta for a reason. This means that as a jungle Lulu you have to take advantage of your almost 0-danger ganks (because you can turn dangerous foes into squirrels) early on and cause your team to snowball through the game and finish it early. You also don't get much farm, so again, ganking is what it is all about.