How does level cap affect the player?

[AdmiralSavvy]

Good question, I'm thinking of the DXD pirate descriptions when not all lvl 40s are listed as lvl 42 but after a while of leveling you get there. Let's say you reach 40 with something at lvl 15 and lvl 21, master those and you might be only at lvl 41 if the cap wasn't 40. I think enemies defeated and treasures collected might be have something to do with it because you get 25 rep for every 30 defeated and 25 for every treasure collected, all that rep adds up you know. So what I'm thinking is when the cap is raised we will regain all the rep we got after reaching 40. But another question would be how would you possibly be able to hit 50 with all the weapons mastered, and all the treasures collected? 8 lvls of defeated enemies is a little too much.