There's definitely a problem. Look at this screenshot:
Look at SpikeSpiegel and XDrFaustusX, for example; their ratings are through the roof. Previously, to get into the top 25, you needed a virtually perfect win streak to get into the top 25 in only 3 days. I'm not saying they or anyone else did anything wrong, but I'm pointing out that whatever is happening to platinum has inflated their ratings by at least a factor of two, and many of the other ones are also far higher than usual.
This morning, I submitted a new platinum deck, and it debuted at 372 with a 0-0 record. That's not normal... :p It's 7-1 now with +76 rating, which seems about right, but it's still only 250th place, which is roughly where a new deck normally starts, give or take about 20 places. If Zanz has changed the rating forumlae, he hasn't posted anything anywhere about it, and there is no way that we had anything like a mass exodus of platinum players or a ton of gold players suddenly graduate to platinum, or have everyone collectively changing their thumbs up habits or anything like that.
The only two things that can logically be happening are 1) Zanz changed something ingame and didn't post about it or 2) Someone hacked Elements and changed stuff and Zanz hasn't noticed yet.
edit: also, it's only happening to platinum; the other ones look normal to me.