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While I could care less about rankings in this game compared to other more competitive games where it actually has more meaning, I can see rankings as a sort of goal; an incentive to players with nothing to do. Simply a way of having something to do in the game when you've reached the current endgame.
While it has a positive for some players, rankings don't really match the concept of this game; especially since it's a stat-based ranking, it does not go well with the heavy-RNG nature of this game. Since Rise, the gap between enhancements have widened, so that's another thing. Negative side-effects are also abound to occur; with rankings come drama, the general flexing, and of course players affected by flexing will have certain attitudes towards players with higher stats whether positive or negative and vice versa.
I can simply ignore rankings and the things that come with it however as it does not affect my own game-play, but I don't speak for everybody else. This is, after all, just my opinions as I see them.