They are aware of the problem it seems:

Quote "The ratings program has recently been updated. The new formula is optimised to give the best prediction rate and is statistically more accurate than the old one. Our ratings are created to give the maximum objective accuracy and not to "look good", reflect intuition or bow to opinion. We are aware that there are perceived anomalies at the moment and we continue our efforts to make them as perfect as mathematically possible."

I think although it does throw up anomalies it is a useful system as a mathematical system cannot get drawn in by the hype surrounding a boxer!