Nah, this system is much simpler for stuff like handing out season rewards and the simplicity of recognizing someone's rank. For example, If you say you are rank 400,000 on the leader board and someone else says I'm rank 350,000, you will know they are 50,000 spots better, but since the majority of the player base is bronze and silver, 50,000 spots might not even be a noticeable difference in skill. In contrast, the difference between the guy who is rank 30,000 and the guy who is rank 15,000 is way bigger.
Also I don't see why people in lower ranks would even want this. Wouldn't you rather say "I'm Gold IV" instead of "I'm rank 217,983" or whatever the heck it would be. The tier system in place now is more satisfying as you get a "token" of your rank, instead of just a number. Especially since the number of payers adversely affected by the current system is not really important. Yeah sure you may be a little unlucky with how you win your games, but it's going to be a difference of 1 or 2 tiers, not like "I deserve challenger, but I'm plat 5 because I can't win games in the right order."