<p>"I can't think of any reason why it would be worth having a valedictorian/class ranking."</p>
<p>In some states, class rank is hugely important in gaining admittance to state universities. High schools that refuse to play along find their students facing reduced chances of getting in. Our state gives free tuition to every Val, so requires that the public schools name one each. Even if everyone in town would like to get rid of rankings, it's forced on them.</p>
<p>Selecting gradution speakers based on a student/faculty vote is a different matter. I remember my high school going that route the year after the Val burned his draft card onstage (dating myself here).</p>