Rankings are stupid.
Honestly, the sport is pretty broken right now. They could get rid of rankings and belts and not much would change except it would be a little harder to sell tickets to events without a belt on the line.
I'd prefer a tournament style championship system. There are plenty of issues with a tournament too (mainly injuries and other scheduling problems but those already exist and you'd just need tournament alternates) but at least it means you will need to fight 3-4x a year to win a belt. Activity goes way up. An 8 man tournament would be the most realistic but if they didn't restrict seasons to a calendar year I'd love to see 4 rounds of fights and a 20man tourney with alternates. It would give more up and comers and opportunity to win their way into a title instead of playing politics and waiting around for years...
I could go on and on about the positives but I don't want to hijack the thread too much... I'll just say it's too bad they strayed from their roots and fell into the same broken system boxing uses.