Isn't something wrong with the new placement system?

I didn't finish my placements on one of my accounts last year, it was Silver II.. don't recall how many of them I did, if any. Realistically, I'm guessing it would have placed maybe Silver IV or V minimum, if I finished all of them.

I just played 8 placement matches, after the first match (which I didn't even realize was a placement), I'm put in Iron Division IV. Really, Iron IV? I don't know that much about these new tiers so correct me if I'm wrong, but isn't that the lowest rank? I didn't play on the account for a whole year, so sure I can sympathize why I'd get place lower, but Iron IV after only a single match?

After a bit, I'm finally over the fact that I somehow went from Silver II to Iron IV and I start playing the 2nd match. I get on a stat checking site to see what I'm playing against and everyone on both teams is Silver except me. They're the lowest division in Silver (assuming IV is the lowest division now?) so I didn't think much of it, despite that I'm supposed to be Iron IV.

Here we are now, six more matches later, and I still didn't even make it out of Iron tier. I played every single match against Silver and Gold players, and didn't make it out of Iron? You have to be kidding me... I won 6 out of my 8 matches, that's 75% win rate, against players 2-3 TIERS, not Divisions, TIERS, above me, and here I am not even making it out of Iron. Granted this is based off me assuming that the new tiers are Iron, Bronze, Silver, then Gold? Regardless, if I'm facing Silver and Gold players why am I not at least in the Bronze tier? Something is seriously wrong with this new placement system.

Anyone care to offer an explanation? I'm beyond confused what is going on here.