Right now, nothing even more so than before.
At first, when I heard they were going to do a rework for the Ranking/Star system, I was excited.
Then, it came out and no one is playing for fame anymore it turns out.
ANY and EVERY star color (from Light Blue to White) are doing the same thing and same end-game dungeons.
What people have equipped tell me more about them than anything.
If i see T15 Armor, then I’d think “oh, that person does o3”, or if I’d see a Cloak of Refraction, then I’d think “oh, that person must do a lot of Caverns”.
That’s about it, though. Skill-wise, you can never tell.