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Beccause it's fun (at least some people(I'm among them) find it fun).
Beccause it's natural to see higly skilled people to be in (always) higher level.
Beccause soon some levels will become overcrowded.
But my favourite reason is why not ?
As someone said on the CB (Jeffa?)it won't take anything to our beloved saints on the contrary those new level are mainly for them to enable them to stay 'on the top'...
In fact, IMHO, I don't see any drawback to this new system.
(Except, may be, for changing things, which isn't so bad for me).
UPDATE : I didn't make it clear in this post (but see my other post below) but the honorific titles are ok, for me.
new levels or new honorific title or whatever the form the idea is good !