Just noticed the same. The category isn't selectable/visible from a regular playlist but it's from the related. However for me the rank numbers are visible in the regular playlist (as well as related)
The effect is has is that you can order the tracks in which they are displayed. So rather than searching which track to play next you can put each track in order. Similar how you would sort to have BPM from high to low.
When you click sort and drag tracks around you will see the number for the track below it go up (or rather down to a smaller number).