I feel like the rank names do not represent what the characters actually do.
Balladeer: a person who sings ballads. Many aren't Bards.
Lyrist: a person who writes words for songs. Most don't write songs.
As far as I understand the faction concept is broader than just the arts. I think many players prefer to play martial knights and act like nobility of the old world and represent the behavior and morals of the old world.
I'm a balladeer but I don't write ballads.
I'm a lyrist but I don't write songs.