While people keep making the point that the system is the same under the hood, there is some fundamental difference.
You might never actually see your peak-rank.
Let’s say you are diamond 1 (just updated) and you win 6 games in a row. In the old system you’d rank up to master. In the new one you could literally lose 8 games in a row after those 6 wins, win 1 games right after, go 7-8 and stay diamond 1 or even de-rank.
The system will never tell you if you hit a higher rank (or lower rank for that matter) between the actual updates.
Another point which is just terrible is the feeling right after an update. It takes on average (assuming 50%~ win rate) around 14 games to update again.
If you didn’t hit a desired rank-up it just feels terrible being back at 0 wins. It gets worse when you start by losing 4-5 games and you already know it’s pointless, because you wont rank up the next update either. You will have to play 20+ games to even have a chance at a rank up at this point.
I can’t see how this is supposed to optimize engagement, as it’s quite literally the opposite for me not seeing my (exact) current rank outside the updates.
If you’re a casual player it takes multiple days to get a single rank update. It’s such a terrible system.