It may seem unfair, but at the same time, think of this as a sports ranking for instance. Since you played last season, you were projected to be at around the same "rank" with the soft reset. But because it is a new season, your first 10 games ( the placement matches) give you the ability to gain or lose a lot of elo.
Because your friend who just started playing was given the start elo of whatever it was changed to now, if he won many of his first 10 games, he could have been boosted up to 1400.
Once you play 5 more games, and hit the end of your placements, if you belong at the higher elo, your W/L should reflect that. if you win your next 3/5 you should be around 1250 if not higher.