Formula One scoring is used in a variety of places in the game for ranking purposes. It is just a system for assigning point values to ranks. This chart shows the ranks and point values.
Formula One is an international auto racing circuit. The results of each race are evaluated using a points system. The points system that is borrowed in bots4 is the Formula One points system that has been in effect since 2010.
Credit goes to Jans for this system being incorporated into bots4. He was the one who originally started using Formula One points as a way of ranking clans over time (I think, it's been awhile) back in the bots2 days. :)