You’re right. Reed’s USNWR ranking is totally meaningless – Reed is an outspoken critic of the rankings, and refuses to cooperate with USNWR. They don’t provide USNWR with the data that their system needs. But USNWR ranks Reed anyway; they just punish Reed by substituting very conservative values for the missing data, which kills Reed’s rank.
Back when Reed played ball, they were ranked as high as the Top Ten for National LACs by USNWR.