Is Matchmaking broken/Not working as intended?

I’ll admit I only started very recently as of .77 patch, but I played and maintained a 50/50 W/L ratio during it(About 60 games). As of patch .78 however, I’ve dropped to .66, I’ve literally won maybe 5 of the past 50 games. That such a huge discrepancy I have to wonder if something isn’t working as intended.

The matchmaking as far as I know only matches up the following: equal number of players, equal number of ships (give or take one), equal Tier (e.g. 1, 2, 3, 4), there’s no Elo system in place to the best of my knowledge, which means with the influx of newbies brought on by Steam and TotalBiscuit has lead to a decrease in your W-L ratio.