Finally someone with my ideals!
It just makes sense to me? There is only a set amount of content in-game, so why have the level cap be high or no level cap at all?
So you can find a level exploit and use it?? yucky.... bad taste in my mouth 
I found that the more I learned about what makes the games I like special and great, the more I realized that sometimes it's things that appear bad out of context working in a way that enhances the game that sometimes hold everything in place.
Morrowind was kind of my "Coming of age" in the gaming world. When I was first dumped into the game, having no idea what was happened and letting things just occur naturally without over thinking it, that created the best moments. Once I learned the finer mechanics and how to game the system, it lost a lot of its appeal. Trying to x5 all the modifiers, run and grab highly valued items right off the boat (Sword of White Woe probably rings a bell if you've ever played Morrowind, along with Creeper.) and wind up with 150,000 Gold to spend on max training... All that seemed like I was so clever, but it ruined the experience I found all too late. At least for me. A lot of these realizations came after I started studying a bit of basic game design theory. Why something as irritating as equipment upkeep can actually be an important part of a game, why those moments of "Doing nothing" are just as important as heated encounters. A little bit of education goes a long way. It's why I'm such a huge supporter of the Extra Credits webseries.
In the end, a greater education and understanding of the art by the people who consume it can only help them make better decisions, and in the best case, a design-literate consumer base could even more effectively influence the direction of games as a whole. (For example, CoD does a handful of things exceptionally well, but instead of applying those to new games, we just get CoD clones cause, hey, Sledgehammer instead of scalpel right? The great FPS market saturation of 2010~ I fear a similar thing is going to happen in Open World sometime soon)