Not an issue at all.
The colleges are very adept at reading and assessing HS transcripts. End of the day, they are looking for the highest ranked students from the school. While fewer HSs are ranking their students these days, the colleges are easily able to back into the data they want – who are the best students.
The driver is that the admissions market for top colleges used to be quite local and regional. Now it is national and increasingly international. Standardized tests, IT advances, cheap plane travel, the Common App and the USNWR rankings have all played a huge part in broadening the pool.
In the old days, a kid in the northeast with a top 5% SAT score would apply and get into Harvard. Today, a NE kid with a top 1% SAT score still applies to Harvard, but also applies to Stanford and Duke and Vanderbilt and Penn. And may not get into any of them.
In fact, that was the original purpose of the SAT. It was specifically adopted by Harvard President Conant as the tool that Harvard could use to identify talented students outside their regional pool of applicants dominated by New England boarding school students. It definitely did the trick.