If I were to make a suggestion to the rules of the objective rankings...it would be something like this...

If FighterA beats FighterB, instead of FighterB taking FighterA's slot, FighterB's ranking raises depending on their rankings relative to each other and also relative to the #1 position. Relatively should make a difference in how a fight result affects the rankings. Rules for this can be setup which allows the rankings to change without any subjectivity involved.

I'll use some examples to make my point clear. First...Goodridge vs Bernardo. I don't know the actual rankings of Goodridge or Bernardo but I'll use some sample rankings to explain my point.

First fight: Goodridge vs Bernardo 1
Goodridge is ranked at 30
Bernardo is ranked at 10
Goodridge beats Bernardo
**The rules state that someone in the top 10 can only drop a maximum of 5 rankings...but not drop further than their opponent's ranking.**
Bernardo's ranking drops 5 spaces to 15
**The rules state that someone outside of the top 10 who beats someone within the top 10 can only raise to the middle point between their rankings.
Goodridge raises 10 spaces to 20
Now they are only 5 apart. Goodridge made a major accomplishment by raising his own rank but also dropping Bernardo's rank in the process.

Second fight: Goodridge vs Bernardo 2
Goodridge is ranked at 20
Bernardo is ranked at 15
Bernardo beats Goodridge
**The rules state that if a fighter beats someone ranked lower than them, both of their ranks stay put**
Bernardo's rank stays
Goodridge's rank stays

I'll go through the scenario again with different rankings...

First fight: Goodridge vs Bernardo 1
Goodridge is ranked at 15
Bernardo is ranked at 2
Goodridge beats Bernardo
**The rules state that someone in the top 10 can only drop a maximum of 5 rankings...but not drop further than their opponent's ranking.**
Bernardo's ranking drops 5 spaces to the 7th spot
**The rules state that someone outside of the top 10 who beats someone within the top 10 can only raise to the middle point between their rankings.
Goodridge raises 7 spaces to the 8th spot
Now they are only 1 apart. Goodridge made a major accomplishment by raising his own rank but also dropping Bernardo's rank in the process.

Second fight: Goodridge vs Bernardo 2
Goodridge is ranked at 8
Bernardo is ranked at 7
Bernardo beats Goodridge
rankings...but not drop further than their opponent's ranking.**
**The rules state that if a fighter beats someone ranked lower than them, both of their ranks stay put**
Bernardo's rank stays
Goodridge's rank stays

Ok, ONE MORE scenario. This time starting with closer ranks.

First fight: Goodridge vs Bernardo 1
Goodridge is ranked at 9
Bernardo is ranked at 7
Goodridge beats Bernardo
**The rules state that someone in the top 10 can only drop a maximum of 5 rankings...but not drop further than their opponent's ranking.**
Bernardo's ranking drops 2 spaces to the 9th spot
**The rules state that if 2 fighters fight in the top 10, the winner takes the higher ranking between the two**
Goodridge raises 2 spaces to the 7th spot
Now they basically switched spots. Goodridge made a major accomplishment by raising his own rank but also dropping Bernardo's rank in the process. Becuase they were so close in rank, Goodridge was able to take Bernardo's spot in this fluke win.

Second fight: Goodridge vs Bernardo 2
Goodridge is ranked at 7
Bernardo is ranked at 9
Bernardo beats Goodridge
**The rules state that someone in the top 10 can only drop a maximum of 5 rankings...but not drop further than their opponent's ranking.**
Goodridge drops 2 spaces to the 9th spot
**The rules state that if 2 fighters fight in the top 10, the winner takes the higher ranking between the two**
Bernardo's raises 2 spots to the 7th spot
Now they have reversed back to where they started.

So here were the rules that I used in those scenarios all resulting in objective ranking changes.

**The rules state that someone in the top 10 can only drop a maximum of 5 rankings...but not drop further than their opponent's ranking.**
**The rules state that someone outside of the top 10 who beats someone within the top 10 can only raise to the middle point between their rankings.**
**The rules state that if a fighter beats someone ranked lower than them, both of their ranks stay put**
Bernardo's ranking drops 5 spaces to the 7th spot
**The rules state that if 2 fighters fight in the top 10, the winner takes the higher ranking between the two**

Consideration for the relativity of each fighter's position in the rankings would prevent flukes from screwing up the rankings. If Goodridge had beaten Bernardo in the second match, or if Goodridge had beaten someone else higher in rank than himself, then that would prove his accomplishment was not a fluke.

These rules would require a fighter to work hard to impact the top 10 ranks.
Top 10 spots should be treated differently than spots 11-20
Top 20 spots should be treated differently than spots 21-50
I think the existing ranking rules could still apply to those outside of the top 20. That would allow fighters outside of the top 20 to approach the top 20 somewhat quickly.
I think anyone ranked over 50 shouldn't even be ranked and they should all be considered equal as far as the rankings go.

These are just example rules off the top of my head to illustrate my point. They should be adjusted and additional rules should be added to make the fight results affect the rankings in a more realistic way to reflect the recent accomplishments of a fighter.

This, of course, makes the rankings more complex to run. But it also makes them more legitimate and respected.