Well, some folks would brag about their score (years ago, dunno about now) and use that ranking as an indicator of their coding prowess. When I learned that the whole thing was easy to 'cheat' (whatever that mean in this context), then that rank lost all prestige for me.
Bragging about your rating as a function of solved problems in practice (with solutions available) doesn't seem rational.
HackerRank also used to organize contests where they would have a certain time to tackle a number of new problems (5-10 problems in 1 hour to 1 week, depending on the contest) meaning you have no access to solutions and are competing against other people solving the same problems. They have a rating for performance on those as well.
