After spending some more time with it, I'm convinced: they fucked up.
I don't know what the hell they were thinking, but their lobby system is dumb. P4AU's and BBCP's are just straight up superior to the weird amalgamation that is Xrd's. The lobby system in those games is straightforward and fun, what with the easily controllable (and better) avatars and the quick method of going to a cabinet and getting into a match with someone. It's all so accessible and efficient. Then there are completely separate menu options for Ranked matches and Player matches, which is how it should be (and how it kind of is in Xrd, but not quite).
It's a step back, for sure. I do love just how lightning quick you can face someone again in a lobby room after a match is done. That's a good thing.