There hasn’t been a whole lot of transparency as to the matchmaking process as far as I’m aware, but there does seem to be some consideration for your ranking relative to the other people queueing. I tend to see the same opponents relatively regularly and they tend to be at least similar in leaderboard ranking and Ranked Points, so it does seem there is some form of matchmaking consideration when available, but if you and only one other person are queueing at the same time, then there’s only one matchmaking option. Some clarification on the underlying matchmaking systems would be nice in the future.