This is important to - because all the kids/adults that use US News by major, are also being fooled - by exactly what you just brought up - peer institutions, etc. There’s literally no data used in the major ranking, nor anything corporate related - those hiring.
Here’s their dept methodology so when you choose x school fit x major because US News says it great - not really. It’s well known and well thought of because society has taught us and we walk in with preconceived notions, true or not Yet schools at the top run with it.
“U.S. News sent peer assessment surveys to academics in each discipline asking them to rate the overall academic quality of other schools’ doctoral programs on a 5-point scale: 5 (outstanding), 4 (strong), 3 (good), 2 (adequate) or 1 (marginal). Those unfamiliar with a particular school’s programs were asked to select “don’t know.” Responses of “don’t know” counted neither for nor against a school.”