Playtomic is the provider of the rating and it only technically means anything in their app, but since they are the dominant app in the sport with the most effective rating system their rating does get used by a lot of people.
Mostly it’s quite fair, you win and your score goes up, lose and your score goes down. Your opponents scores and the number of games you have played affect the change in score with each game. This system is very good for finding matches, most people take no issue with that part.
They have always asked for anonymous ratings from the players on whether the other people’s scores are correct, lower or higher. Now for the first time this isn’t anonymous anymore. This is a little more unpleasant.
Ultimately If you play at your level then you will be rated fairly for the most part, but people picking and choosing games to keep their level artificially high will get voted as being lower.