Okay so it seems like there is a lot of confusion about how this event works, so I figured if I post and explain what I've found, it will hopefully help someone.
The event began today and will continue for 2 weeks until October 6. Within these two weeks, I believe it will be easy to obtain rank 3 with the Queen. Why?
Bounties for the Queen will likely reset daily like normal bounties. These bounties may be obtained from the normal Bounty NPC. After four bounties, I already have a decent amount of progress towards rank one.
Also, completing a Queen's Wrath bounty rewards you with a kill order which is shown in your inventory. These kill orders are stackable and each represent a Kill Order mission that may be done.
To do these missions, you must FIRST complete a bounty. Then, while viewing the map in orbit, look towards the left of your screen where the weekly crucible playlist, daily heroic mission, and weekly heroic/nightfall strike are. Above these all should be your kill order mission. After completing one, the circle fills with color signaling completion, but this may be repeated for your kill order. The mission may or may not change, and after beating the mission, you may or may not be rewarded with a legendary piece of gear.
There seems to be a pattern of people receiving the same item multiple times. While I have yet to confirm this, item duplicates are still useful. Break them down for ascendant shards. This is a chance for the unlucky guardians to finally gear up before iron banner in October!
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So no new story content