Rankings should be taken for the entertainment value that they give. The individuals who do the rankings are giving individuals consideration and recognition based on input that they receive. For the fans, it gives us an idea that the upcoming match between two ranked wrestlers could be a pretty good one to watch. If a ranked wrestler loses to an unranked wrestler, it gives you something to talk about.
If you put too much into the rankings, you may be disappointed. Look at the NCAA BSC rankings this past football season and tell me people were not disappointed or worse.
I enjoy looking at them and appreciate the work that goes in to making them available.