So I was thinking about this because of talk about how heroic dungeon gear is lower than ZM gear currently, and then this morning someone was questioning why we can only wear one ilvl 262 crafted piece. And as such my gears have been turning.
I also know that things are changing with Dragonflight, so none of my ramblings will mean anything, but I wanted to share 
So my idea on a gear progression ranking would/could be:
Random drops < Quest rewards < Basic crafted gear < Gear dropped from Rares (1) < Normal Dungeon Gear < Blue Crafted gear < Heroic Crafted gear < Dungeon crafted gear (2) <= LFR gear < Mythic Dungeons <= Normal Raid Gear < Heroic Raid Gear < Raid Crafted Gear (3) < Mythic Raid Gear (4)
Mythic + gear: is its own thing as the higher keys give better and better gear so it scales up and doesn’t fit as much in the ranking.
PvP gear: Gold bought PvP gear (5) < Honor Gear < Conquest Gear
I also think that PvP, and it’s gear, should effectively be it’s own little circle, because I have always looked at PvP as the thing that people either effectively only play, or don’t touch at all.
1: Gear dropped from rares, similar to how the Rare mobs of old were hard to find, but gave nice gear
2: Dungeon Crafted gear is made using material dropped from the last boss in a Heroic dungeon
3: Raid Crafted Gear can be made both from Normal and Heroic dropped materials, the only difference is that Heroic will drop more materials for gear crafting so you can get better gear sooner.
4: I think that Mythic Raid gear should probably be the end all to gear, like if you have got this, you are in the best gear in the game, and to be fair if you have this you also are fighting the hardest fights in the game.
5: I like the idea of being able to buy some basic PvP gear, that way you have some bonus over people who aren’t invested at all, without being that person who doesnt have any PvP gear until they can afford the PvP gear
So as I said at the beginning this has been on my mind for a bit, and I’ve been running a lot of old dungeons and raids and been collecting materials for the “higher quality” gear and I was thinking how it would be nice to have more high tier craftable gear to make gear professions more impactful again.
That all being said, Dragonflight sounds like it will be overhauling professions anyways. But if you have any ideas you’d like to share on this front about how professions could be more important for your gear, just discuss it below, and I may or may not update this post as ideas change. : )