I think the problem is that some people might not understand the difference between a soft cap and a hard cap.
A hard cap is the upper level that the game engine will allow. Once that level is reached, there is no way to move beyond that level, though there may be extra add-ons that can be achieved.
For instance, back when I was playing Everquest about 15 years ago, the hard level cap was 60. Level 61 did not exist. That being said, once level 60 was reached, you could gain a parallel experience that would give more power to your abilities etc.
A soft cap is the level that can be achieved in the live game due to the experience that can be gained due to the level of the mobs, or quests.
The underlying question of the OP is a valid one. Who would want to start this game? The answer is many people. We play for enjoyment etc. regardless if we feel that we can hit 200 in the next month or not. It is completely relative, though. You might think that the level 60 cap I mentioned above sounds like a breeze... but it wasn't (I quit before I reached max level, btw, but my rl friends who I played with did.) Heck, it took me a month of playing to go from level 24-25, and again from 30-31, if I recall correctly, because they had these "hell levels" in place, and death resulted in a loss of gained experience. It was great fun though.
Dersu of Herne
lvl 135+ Druid (Double Helix Build)
Clan Infection... of the Britannians family of clans.