One of the biggest reasons for rank meaning nothing is the fact they change it every season.
If you're going to make a rank system you must never change the rank distribution ever otherwise its meaningless.
Any time you ask for someones rank you also have to ask was it in a boosted season? Was it with Kiriko? Was it before they added Champion? Were you stacking?
Champ actually slightly meant something for a couple of seasons and then to retain more players they just made it easy to get. They did this with GM at first, then champion and now even Top 500 with challenger score.
If you disagree with any of this or it makes you mad then you're OW2 boosted and will never get the satisfaction of hitting high SR in OW1.
After hitting Champ 1 on both 5v5 and 6v6 this season I can safely say rank has no meaning in this game anymore.
Hitting the highest rank in the game (Champ 1) is equivalent to probably around 4300 SR in OW1. That wouldn't have even put you in the Top 500 before role queue.
All these OW2 players would be slaughted back when good players used to play ranked. It's crazy to think even a rank 1 player in today's ranked probably wouldn't even be within the Top 500 players just a few years ago.
Adding heroes like Kiriko, Juno, Sojourn, Hazard, Ram and Mauga as well as making the ranked system based on your playtime rather than actual skill (copied from Marvel Rivals) has done irreparable damage to ranked.
Playing a 4.5-4.6 average lobby in OW1 felt like you were in an actual professional game fighting for your life. Now it feels like I'm playing a game of Marvel Rivals quickplay...