Nah, long live rankings wherever there is a well established world cup style circuit, as opposed to random qualifying competitions one in a while. Ranking fails mostly happens when they consider way too many lower level tournaments, with 3x3 basketball being the extreme case - a normal ranking with world cup + world series would have been much better, but they had to push for "universality" so...
predicting is not their purpose though, rankings are only meant to tell who has been among the best in a certain set of competitions in a certain (past) period. Qualification tournaments, especially in sports with a draw and an elimination format, are a much worse way to find out who is the best