The rank system works for the most part (the flag in your USER block that notes you as a Rear Admiral). The reputation bars / blocks have never been used. They are part of the system, but we don't mess with them. They are there for things like "Likes" and such - and if you hover your cursor over them, they can be a little entertaining. Otherwise, they are one of the things in vBulletin that, no matter how much everything else breaks, work all the time. But we don't use
The title under your name (in your block says captain), is a separate block. It's supposed to match your rank, or have a custom title (like the Moderators, and a few very "seasoned" members). There's a script that is supposed to coordinate the rank for the rest of the members. It apparently hasn't been working, and the developers are knee deep in other poop at the moment. It "means" something, but nothing critical.