As someone with a pitiful win rate who keeps getting matched against people who 2-stock me after knocking me around like a rag doll, I don't think there's matchmaking in place, or if there is, it's based off something else.
It might be based off "Global Smash power," which you get in game by doing random challenges and such (I think this because you unlock the GPS scoring after you go online for the first time). So if you're like me and you do well against CPUs, but suck against other human players, you die a lot in For Glory.
Doesn't bother me, though--I find it way more fun to play against people better than me.