If you enter or re-enter the game now for the first time in this expansion or after a long hiatus: you're gonna face a situation that you need to spend HUNDREDS OF THOUSANDS of gold just to get the first few ranks and then you make ABSOLUTELY NOTHING on the auction house while you level those first ranks.
The technical reason that it is completely broken and the proof that I'm right is that if you entered the expansion during the launch and did that crafting for the first couple of weeks you could make MULTIPLE MILLIONS with the ~3rd+ rank so it's a system that breaks the further you are from the launch.