Contracts, Leverage and Short-Notice Bouts
Fighters sign for a set number of bouts over a period, and where a fighter sits in that cycle changes what the promotion wants from them. A fighter on the last bout of a deal has leverage, because a win immediately before renegotiation is expensive. A fighter with several bouts remaining is cheaper to book and easier to place in a tough matchup. Neither consideration appears in any ranking, and both influence who is offered what.
Injury withdrawal is the other force that constantly scrambles the ladder. Combat sports training produces a high rate of camp-ending injuries, and when a main event falls apart the promotion has a booked venue, a sold broadcast slot, and a short window. The replacement is whoever is close to weight, healthy, and willing, which is a very different selection criterion from whoever is most deserving. Fighters who say yes on short notice get rewarded with visibility and, often, an accelerated path, because availability is genuinely scarce and the promotion remembers it. A ladder that is repeatedly reordered by injury replacements cannot stay a ladder for long.