For every Valor Rank increase, you get a Crucible Engram, which you'll need to get decrypted by a cryptarch. Only then will the reward within will be yours. Resetting your rank for the first time grants you an ornament for your Guardian helmet. The second time, you'll be rewarded with an exotic Ghost shell.

Should I reset my valor rank?

Why Should I Reset My Rank? Resetting your Valor Rank in Destiny 2 will reward you with powerful gear that drops at a higher power level than whatever power level you are at currently. It's not worth grinding 2000 Valor points and resetting just for a powerful gear drop, however. It just takes too long.

What is the point of valor rank?

Players earn Valor rank points for both wins and losses, but wins provide more points. Players who win multiple successive matches will also earn a streak bonus, which provides even more points for each win.