The list of URL's is ranked by signal strength.
This is only true of some clients, and not even most. The Chrome client and the prototype Physical Web prototype app on GitHub both sort by a distance estimate, which is calculated from the signal strength and TX power. The TX power is what the beacon claims its broadcasting strength is.
What's stopping someone from increasing the broadcasting strength of their beacons so that they rank first?
Given the previous notes, the real question is what is stopping someone from decreasing the TX power of their beacons so that they rank first. This is something we've actually seen in the wild. Currently there isn't a single solution; as I said, different Physical Web clients display results with different orderings. However, given that there typically aren't many beacons around, even in denser areas, it's atypical that one has to worry about being below the fold. Thankfully, we'll have some time to deal with this issue as it becomes more prevalent.
One could imagine that eventually ranking will not be based merely on crude values such as a distance estimate, but on a combination of those values with other metrics (previous engagement, etc.). At that point, advertising a false distance would only hurt a beacon's ranking---it would look like a poor result if it's not selected even when very close.