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There are things like additional mods and load out slots that are unlocked by increasing guardian rank.
[EDIT] It was also announced in the new TWAB that rank will persist for 1 season. If rank is increased then it will go up, if not it will drop. The idea I believe is so you can't just sit on rank, if you want to be high rank then you need to be up to date with the latest content. Although it is good to note that the repeatable criteria [the blue ones] have a reduced threshold for achieving if you have done them already in previous seasons.
To be honest, I like the changes Bungie has said they are making. If I had one thing I would change it would be making the "End Game" requirements in ranks be something like "finish 'x' number of raids and 'x' number of dungeons" rather than the currant "you must finish this specific raid and this specific dungeon" to progress.... Also Bungie, seriously, why the f*** does doing a Master level Nightfall not also tick off the "Do a Legend Nightfall" requirement?? Gahhhh! lol