It's important to remember you packets are in the network layer (probably when you send them even transport or application? I'm not so familiar with the higher layers in the OSI stack).

So you are still quite a bit removed from from the physical layers. Your packet will likely go through several electrical-to-optical and optical-to-electrical conversions, probably there will be some electric switches, plus multiplexers, all of which contain buffers. Then there is forward error correction in the physical layer which also requires buffers etc..

And you're obviously right that for many reasons the "straight path" might not be the path that is being taken, or even the fastest one.

Bottom line, estimating ping time from geographic distance is a very rough estimate. However, the longer the distance through an uninterrupted link (i.e. a submarine cable) the better your estimate, i.e. if you sit at in a google datacentre which is directly connected to their fibre backbone and do a ping to machine in a similar data centre on a different country you will get quite close numbers I imagine (I don't work for google). On the other hand if you sit somewhere in the mid-west at home and ping a server in e.g. NY or LA, not so much.