So it started as PigeonRank, then became PageRank and then finally became PointlessRank... well there you go lol
PR = press release. or perhaps private rights? and of course page rank. pigeon rank. lmfao. ha ha ho hee ah ah ow eeee.
Funny you are kinda right it isn't web-page rank it is the guy who came up with the formulas last name as a tribute. The pigeon rank was an april fools joke...in 2002 or so! funny it is still circulating!