Having just done the Imperial rank grind from Squire to Duke (and 100% Duke so I overshot into Prince and possibly even King) in a little over 4 hours split between yesterday evening and this morning, I think it might be
a bit too fast at the moment, but not
overly so. It finally seems like one would be able to rank up naturally over the course of a normal span of hours playing as opposed to having to grind it out. The commanders like myself who have been quickly grinding out the ranks in the past few days are just making up for lost time. We didn't have the chance to rank up naturally like newer players hopefully will have (depending on the severity of the nerf). Some of us are even having FUN doing it!

I've been engineering my Imperial Eagle into quite a racer, seeing how quickly and accurately I can get docking/undocking to be, and I've also been working on my FA-off docking technique. (Still needs a lot of work!)
I must say, though, even after reaching Duke, a few of the fellows over in Mainani still don't seem to be too impressed. Especially this guy:
"We're awarding titles of nobility to just anyone now are we?"
I tried doing the Imperial ranking "the right way" on my XBox account a year and a half ago or so, by just hanging out in Imperial space all the time and taking whatever jobs sounded interesting. I also spent
a lot of time bounty hunting and in RES's because I really enjoyed the gameplay there and only later found out that it doesn't count for ranking up. After several months, having only reached Knight and knowing from past experience with MMO-like games that each successive rank would only take longer than the last, I realized it would likely take me another
year to unlock the Cutter that way. So I opted for the grind, and two tedious weeks later, I had my Cutter. I didn't feel a sense pride and accomplishment -- I'd need loot boxes for that. No, I was simply exhausted and thankful to high heaven that it was done. I wouldn't wish that grind on anyone. If you had the patience to acquire the Cutter or Corvette "the right way" in the past, you have my utmost respect and admiration, but I don't believe it's reasonable to expect such devotion from every player.
Regardless, I'm done with ranking. I doubt I'll pick up a Cutter anytime soon, and I don't have the credits at the moment anyways, but it's good to know I can do so whenever I want now.