Thanks for the effort, but that is generally the whole point of keyboard shortcuts: that they work without having to click or right-click.
To give you an idea of how I use this shortcut, I do work on my Mac and play my iTunes music while I work. When a song I like or dislike comes up, I quickly press cmd-Tab to go to iTunes, press cmd-L to go to the currently playing song, then press the shortcut I have assigned to 1 star, 2 stars, etc. All this without having to look for the cursor and click or right-click on anything. Many of us out there work a lot with keyboard shortcuts, not only on iTunes.
Now, if I am going to use any clicks or right-clicks, I don't need to right-click, then press my shortcut; I might as well click the Rating stars I want with just one click (after I've located the song).
However, it's nice that you noticed that they did not remove Rating from the right-click menu; it doesn't make sense that they removed it from the menu bar, but not from the right-click menu. Which leaves me some hope that they didn't mean to remove it from the menu bar in the first place and might bring it back in version 12.2.1.