Yes, it seems the rankings are made without an acknowledgement of group strength. Most people will agree that LTU is likely to beat GRE and make it to the QFs behind USA. So if group composition was taken into account, LTU should be in top 8, but they are ranked 12th. Similarly ITA and SRB are locks to make the QFs (with DOM as a dark horse), so they should both be top 8, whereas SRB is ranked 9th. And by the same logic, only one of GER or SLO should be in top 8, since after AUS there is only one QF spot left for them. Lastly, it will be a blood bath between CAN, ESP and FRA for the two QF spots from that side of the bracket. Yet all three are in top 8.
A more realistic prediction of final standings would be
1. USA
2. FRA*
3. CAN*
4. AUS
5. LTU
6. GER
7. ITA
8. SRB
*replace CAN or FRA with ESP if you prefer