That's oversimplifying it, isn't it? After all, no life that we know of exists anywhere else.
Exactly:
that we know of. We've only been to a handful of planets, and, statistically speaking, we expect there to be
trillions of planets, any one of which could just so happen to have the right conditions for abiogenesis.
In any case, lungs, and life in general, evolve to fit their surroundings. Natural selection in environmental attrition leads to adaptation that suits the environment; very, very few organisms change the environment to suit them.
(Plants completely overhauled the atmosphere, but this was a side-effect, not an 'intentional' change).
But by what basis do you conclude life is versatile? The only life we know of exist under specific circumstances.
The conditions are less specific than you might think. Extremophiles are aptly named, since they can live in the extreme conditions on Earth: very high and very low pHs, levels of salt and oxygen, pressure, temperature, etc. There are even organisms that can survive
in a vacuum.
The circumstances are so specific, that as you've mentioned, scientists are mainly looking for life on earth-like planets.
That's because we know life can live on Earth. Planets that are similar to Earth are going to have the same conditions (or thereabouts) that enabled life to form on Earth in the first place. But the versatility of life is such that there is no real reason why it couldn't develop in, say, the gaseous wastelands of the Jovian atmosphere.