I think the most honest comment most of us can make about the rankings is something like this:
1)They do matter to us. After all, basically no one here is applying to an unranked school.
2)They are quite fallible.
3)A school ranked at #4 isn't necessarily better than one ranked at #7 for an individual's goals, or even in general
4)A school ranked at #4 will in *most cases* be "better" (in that it will open more doors, higher salaries, etc) than a school ranked #40
5)The statement above is NOT ALWAYS true, but a safe assumption for the average case
6)The ratings creators have incentive to move them (aka "jiggle") them yearly to sell more copies of their publications
7)When our favorite school jiggles up by a couple of rankings, we "honestly believe" it is a meaningful move and that the school is now better than those it passed
8)When our favorite school jiggles down by a couple of rankings, we "honestly believe" it is just statistical fluff brought on by #6 above, and really not meaningful
Personally I think someone should put the part-time mba at CSU-Stanislaus (
https://www.extendeded.com/emba/) as the #1 program- ahead of all the full time programs at stanford/harvard etc. due to their strength in "cow tipping management". THAT would sell magazines.
(I grew up in modesto, and CSUS was our closest 4-year uni. Yes, people DO go cow tipping there. No, that is not actually an MBA specialty)