True that Google came up with PageRank, and have some smart people thinking up ways to rank things I may want.
It's also true that as long as PageRank has been around, there have been people exploiting how it works for their own personal gain. See: My "update every week to boost my score" example above.
Personally, I sort of like the thought that if somebody releases a crap app and gets a bunch of 1-star ratings they are likely going to stick for awhile. Harsh, I know, but it does give companies some incentive to get it mostly right at first.
Speaking of, something I'd like to see is a developer ranking. Even something so simple as averaging all their apps' ratings would be helpful. Done right, it would help identify those soundalike apps, too.