Caro is the No.1 ranked player.
In the past being the #1 meant that you were the favorite for any tournament you entered. Including Grand Slams. Caro is not.
However, you cannot deny the success she had over the past 52 months. She won 2 Premier Mandatory titles and 3 Premier 5 titles, beating a crop of top players along the way.
Of course you could argue that Caro likely wouldn't sit atop of the rankings if Serena and Kim hadn't gotten injured, but it is what it is and we all have to deal.