Would be nice. Would also be fair. Would also make sense.
Nice? Maybe. Fair? No. Make sense? No.
First of all; Mastery Rank is not accurately indicative of player skill with a given Champion - especially not Mastery Level 5. The only prerequisite to Mastery Level 5 is that you play enough games as the Champion to raise a meter five times, taking longer each time it fills. You don't have to win a single one of those games.
On top of that, you can have someone who's Mastery Level 5 who gets absolutely demolished, just as you can have someone first time a Champion and do obscenely great at them. Is it luck? Is it genuine skill? Who fuckin' knows.
And on top of that, if Mastery Rank 5 was a prerequisite to Ranked play, you'd have to reach Mastery Rank 5 on 20 Champions in order to play Ranked Summoner's Rift.
You gonna crank out that many games on that many Champions - some of whom you may not even play?
Besides - having such a prerequisite would not only make Ranked needlessly hard to get into, but it would lengthen queue times considerably - because, again. Twenty Champions. Mastery Rank 5.
And if grinding those Mastery Ranks isn't boring enough, I'm certain you'd die of boredom when the queue times drag on for lack of players who have MR5x20.
So, lemme correct my first statement.
Nice? No. Fair? No. Make sense? No.