Very valid points; thank you for your thoughts.
I agree that the 2020 match list included some very solid institutions. I also agree that candidacy relies on different variables and not just school ranking. However, I think it would be amiss to say that even with Step 1 becoming P/F, the weight of a school's ranking on a residency application remains unchanged. Most physicians, medical students, even some advisors I've spoken with have agreed that the loss of one major quantitative factor (Step 1) will shift the weight to another quantitative factor (ranking, research, etc). This may not play as huge of a role in primary care, but there is reason to consider its impact in competitive specialties.
Just based on their public match-list trends, when Davis had a higher ranking (2018, T30 --> 2019 #40), there was more variability and a greater number of matches in competitive specialties compared to 2020 (#48) Their ability to match at well-respected institutions for primary care has not been affected. Specialties, though... arguably has.
However, now at #48, I am curious as to how it'll be once new classes with Step 1 P/F will fare when the time comes to match and Davis' ranking is not improved or potentially worsens. I wish for more transparency in what Davis is currently doing to improve itself, and I believe prospective candidates have the same sentiment and right to know. We're invested and all the more curious as to how Davis will recover from this trend and grow overall. It is still a really fantastic school, and I believe they have the potential to be on par with more prestigious CA schools like UCLA/USC. Yet, given how Step 1 will be P/F in 2022, likely increased emphasis on ranking, and generally increased competitiveness for matching it's important to know what they plan to do.
TL;DR -- I agree with you. Ranking is not everything, but Step 1 P/F will shift emphasis to another quantitative variable (ranking). Davis has demonstrated continuous decline and it is unclear what concrete steps they are taking to recover (other than a new curriculum which we don't know how effective it is yet). Prospectives should be aware of both this as well as the school's plan of action.