You have to look at it from the perspective of a recruiter; they don't have the skills to rank developers, nor is there a unified and published metric that you can rank them in general. Even after interviewing someone you might pass up or hire the wrong person, and you're much more qualified. I'm using the general you in this context, not you personally, but we all fall in this category.
The reason they use this metric is because there are no other prominent ones to use and compare other candidates against, so in their view, anything that serves as a proxy for the real value is useful to them, regardless of absolute quality. It's good enough for them; they're just the initial filter.
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You have to look at it from the perspective of a recruiter; they don't have the skills to rank developers, nor is there a unified and published metric that you can rank them in general. Even after interviewing someone you might pass up or hire the wrong person, and you're much more qualified. I'm using the general you in this context, not you personally, but we all fall in this category.
The reason they use this metric is because there are no other prominent ones to use and compare other candidates against, so in their view, anything that serves as a proxy for the real value is useful to them, regardless of absolute quality. It's good enough for them; they're just the initial filter.