I don't think world ranking should be use as a criteria yet. Many team didn't send their A rosters so the ranking doesn't represent real strength of teams. I think after OG and continental championships, world ranking will probably be a more representative of the current powerhouse and then hopefully WCh pools will be more balanced then.
I did a simulation in a spreadsheet of the Olympics (with the favorites winning/no upsets) and rankings return pretty much to how you'd expect them to almost immediately.
But that's also counting on teams not flopping (looking at you Italy) or going 5 sets with teams they shouldn't be. (looking at you Italy)