Levels mean very little. Im not even sure why they are in the game, since they dont serve any benefits after the first 5 or so levels? (1 lead case per level i guess is something tho)
If we display something, then display the ranked trophies, thatd make more sense. Usually lvl 10-20 ppl are mediocre, with some exceptions, and then lvl 40 and above just own everyone (with the rare exceptions of boosted potatoes).
Id say the level display is pretty much useless at this point, especially since the sorting is done by actual performance (in theory).
About the cries, there is whining, and there is realistic thinking. (the line is rather thin between the two, but its there) When i face about 2 or more above level 40s i know im not gonna do shite, because i cant aim that well at all, im still gonna play as best (read: mediocre) as i can, but it wont matter as much in a stompwatch round for example. So, yeah, level display is outdated, but its not gonna change as much as ppl hope for, but its potentially for the better.

