Essentially, I see it as a meta-indicator, a way of making decisions in situations where I don't have all of the information.
Another way to look at it would be through the lens of game theory. Game theory is absolutely a field of some consequence, and it's all about relative positioning of agents in a system and their likely intentions after factoring in the likely intentions of their peers.
In a word, you might describe this type of analysis as simply, "wisdom." I find it to be of particular value in entrepreneurship.
I think what everyone ought to do is only ever compare yourself to yourself. "Am I doing this better than the last time I did it? If not how can I do that?" It's a function that's always growing and the rate of growth is how much effort you put in. It's not bounded by the people you're comparing yourself to.