I just read the official Matchmaking Guide and I'm appalled.
The three things that stuck out to me the most:
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Your MMR is determined by whether you win or lose. This means: your rating at the end of the game has no affect; i.e. an S+ performance is just as good as a D+ performance as long as you win. It doesn't even matter how close the game was; a loss is a loss, a win is a win. In fact, they even state, if you leave the game early, and your team still wins, you'll still get the exact same MMR boost the game would have provided had you stayed and contributed.
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Your MMR is the only thing determining your matchmaking for Ranked. This means: it doesn't matter if your rank is Bronze or Platinum, you'll get people of a similar MMR (as evidenced by my 3s match-up yesterday, where I was ranked in Bronze, with my other Bronze ranked friends, facing off against players ranked Platinum and high Gold in 3s). Knowing this, let's say you want your rank to not be Bronze. Well, if your match-ups were determined by rank, and you didn't belong in Bronze, you'd be winning your way out of there in a jiffy. Instead, the game pits you against players that are supposedly of equal skill, meaning every Bronze game should give you a nice 50% chance of winning. Whether or not that involves pitting you up against players ranked much higher than you is irrelevant. Sounds like a great way to keep players stagnant in their rank.
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Every queue uses the same MMR system. This means: Ranked games are no more seriously calculated than Normal games. Maybe it's just me, but I'd like a my Ranked games to be a little bit stricter when finding teammates that will impact my rank. Since wins and losses are all that matter, I'll gladly sacrifice a few extra minutes to give myself a better chance. Unfortunately, it's even admitted that as your MMR gets more established, the system is likely to be more lenient in your search. This gives a greater chance for an unfair match-up, and is just another way for Ranked games to become less indicative of your actual rank, League, or Division. Your rank becomes rather worthless, and that's depressing if you consider achieving a rank is generally the most satisfying part of a Ranked system.
Everything about this shocked me. I was certain my rank mattered, and only thought I was getting unlucky in my match-ups. After reading this, it's pretty clear how the system is designed against the average player's best interests. It wastes our time and doesn't reward our efforts, and that's really discouraging, not to mention disappointing.