For whatever reason, it was ZOS that decided they need to remove it entirely and go to the champion system. Not sure why, but I do like the idea of champion points; just not sure they have to get rid
This link: http://forums.elderscrollsonline.com/en/discussion/227618/why-zos-should-convert-veteran-ranks-to-regular-levels/p1 gives 4 reasons WHY ZOS should convert Vet Ranks instead of remove them.