I'm afraid it would work just as good as the penalty system in GT5:
Driver A gets smacked off the road by Driver B.
Driver A gets the penalty.
It's hard for an artificial intelligence to judge who was to blame for an incident (it's even hard for human intelligence sometimes) and it will certainly get it wrong lots of times.
This will lead to new levels of road rage, for Driver B did not only ruin Driver A's lap, but also his hard earned ranking.
Also, what should be recognized as bad driving and what shouldn't? Some say a little contact is fine (or even good) while others say it's strictly forbidden. What is the proper definition of corner cutting and is it always bad driving to go off the track? (If there's a stationary car on the track, might have spun around or something, and to avoid collision you need to go off track). If GT6 includes more realistic damage, is it bad driving to get a flat tyre that causes you to lose control and crash into the others?
There's a lot of parameters to take into consideration. Even if everything would be technically possible to control with 100% accracy (which it's not), the biggest problem would be that PD would have to decide the rules. And there would be 25% of players who think the rules are perfect, 50% who thinks they are okay and 25% who thinks they are the manifest of Beelzebub.
I think that the best option is to let the community regulate itself, because different drivers prefers different rules in different races. Let the host set the rules and if they see something that's not okay they get to chose how to deal with it.
My original premise was so that GT5 can become more of a teaching/training system like GT Academy. In my mind, using the ratings for online filtering was only a side effect.
I think that the license tests works well enough for this purpose. They teach you the basic theories. A better option than implementing a ranking system would in my opinion be to develop the license tests and the driving school events. Because only having a rating of the drivers would be like having a school with no classes but only grades, you'll sort the clever kids from the not so clever but no one will actually learn anything.