In your player admin (if it opens

) you will see on the left your status. I believe everyone starts ranked at 1500 the more you win the higher your rank & if you lose it lowers.
They use a system that tracks people's ranks and their knockouts and score implementing that. If you are knocked out by a highly ranked person you lose less points than if you were knocked out by someone ranked less than you.
As you play the bounty tournies and win you eventually begin to earn a hoodie accolade which to maintain you must continue to play & do well. The better you do the higher you go through the ranks and eventually you become a bounty master.