What's really the point for the ranking system anymore?

Once mmr releases what's the point of the ranking system anymore? Every month we're reset to Rank 20 and get a mediocre reward for making it to Rank 1 if we do. 250k bp for making and spending millions? I get it's free bloodpoints but it feels mediocre and like the system isn't needed anymore. If the matchmaking is going to be based off our mmr and the bloodpoint reward feel mediocre I see no satisfaction of getting to Rank 1 anymore knowing my rank is going to be destroyed within like the next 2 weeks. I remember the first time I made it to Rank 1 I felt so satisfied and knew I would be able to keep it and people would know how much I've played the game and whatnot (even though people don't really care). Now it's like... why?

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