I think for me the level cap depends on the end feel of the game, but also if they plan on doing expansions, dlc campaigns/quests, and sequels. If you hit max level when released and all that is left is going through the game multiple times with either the same or imported characters it would possibly get stale when expansions come along. I think that BG1 only got you to a certain experience cap that was somewhere around level 12 depending on class, but you could hit 40 in the BG2 expansion (or maybe that was dragon spear idk). Either way that is pretty common for DnD games, even with the first ones i played like Eye of the Beholder, you never got near max on the first game out.

That being said the more options that become available may make me want to hit 20 sooner rather than later. Right now I dont think theres enough in the game to make me want to drive to that point. I loved trying to roll high powered characters or min/maxing strengths in point buy systems so see how good a character you could generate rather than just a generic Captain Above Average (what the old gaming group called a character you rolled with all stats between 11 and 15). Right now the DnD nerd in me looks at these max 16 stats and cant help but think there are better characters out there and this one is rather mediocre. Those 18s make your character feel more special especially back in the table top days where it wasnt always so common.

I mean one of the tropes Ive been wanting to do in 5th ed was make a barbarian that fights, Pict/Caledonian style, no armor just run out to fight wearing the bday suit but you need a good con and dex, along the good strength. Without roles it probably wont make it on BG3 and would just be slow and kind of boring to run without more magic items, better stats and decently high level.