Possibly something along the lines of Elite 1st dan, 2nd dan, etc. like martial arts black belt status.
But for those ranks you actually have to prove that you are good. While ranks in ED simply indicate that you did something often enough.
I mean, the early Kyu ranks you pass simply by performing a comparatively simple kata. That's good enough. But for "strange reasons" you don't get Dan ranks by just repeating the same kata for a dozen of times. And this is how ranks in ED in the end work.
You could fix that by having a set of challenges. You get a ships and setup, no customisation or engineering, and have to complete these challenges. In the end you get points awarded based on speed, shape of your ship in the end, etc. And only the best 2.8% of all players get the Elite rank, which can also result in somebody loosing the rank again when somebody else does better.
That would actually work, but i don't think that it'd be well received in the community. Anything short of that just doesn't add value in my eyes. In the present shape, this suggestion is like "my skinner box bores me, i need longer bars to fill".