98% is misleading. Anything over a 66% rating gets thrown into the 'fresh' pile and counted towards the 98%. So honestly 200 reviewers could give it a 70/100 or like a C+ grade and it would be 100% because they all are above that 66 mark. However Metacritic is at 89/100 avg with the top reviewers. With some in the low 70s and some perfect 100.
I disagree that it is meaningless or misleading. It is pretty clear how they come up with their percentages. It is just a different metric. I think you can glean some info on how good a movie is based on how many people "liked" vs "disliked" a movie. In fact, I would say an average of arbitrary ratings has just as much a chance of being misleading vs just giving a movie a thumbs up or thumbs down.