The game hasn't been out a month, don't you think getting Elite this early devalues the rank?
Only if the majority of players start reaching it v. soon or have already reached it.
There will always be those who can dedicate more time than others and depending on how they decide to play, will reach higher ranks in less 'days/weeks' than others, but the hours they put in tell the real story.
On that note, I wonder why they removed the time-played stat which was in Beta.