I'm fine with it, and this is speaking as someone who loses a million points when I lose to a Platinum player. In fact, it's a good thing that people don't get to face others who are of much higher rank or LP, because it's kind of a pain when it happens to those with the higher rank. Harsh circumstances makes the actual rankings matter. What should feel rewarding is the experience points that you gain towards character levels, and those don't really amount to much.
But, like in StarCraft II ladder, matches can feel competitive because the developers didn't feel a need to sugarcoat the competitive experience for people online. There's Casual matchmaking for people who are fed up with it, but I appreciate the Ranked structure because the matches are actually serious.