I wish this ranking system would work in a different way, like in SF4 for example. You gain more points if you win against a higher ranked player, less points when you win against a lower ranked player. You lose just little points if you lose against a higher ranked player, but a lot of points if you lose against a lower ranked player.
If done this way, the rank would really reflect a player's ability. The way it is now is really only there to attract new players...

I played a guy today who's rank was 21, never seen his name before. Then I lapped him, twice, on an 8 lap Sebenco phantom race (no guns, PA off). In short, the guy was a noob - but he had rank 21. Shows you it means nothing at all.