And now, I am forced to resort to simple, emotional responses rather than logical reasoning.
Level caps are dumb and stupid and I HATE them. So far, the entire EA has been level capped at 4, and I've absolutely hated it.
You remember that "
this is still Early Access", right ? I generally hate pulling out that card, but like many arguments that are often flawed, there are also situations where it applies. Level cap is one of those.
Firstly, and I feel I'm stating the very obvious here, Larian simply cannot raise the level cap to 5 (or 6, or 7 ...) so long as they have not implemented all class features and skills (spells included) for Level 5 (or 6, or 7 ...). I'm not sure where they stand internally, but Larian not letting us access Level 5 might simply be because Level 5 is not a thing yet.
Secondly, and more importantly, adjusting the Playtime-To-Level progression is probably the last thing that the devs should do, if they are worth their salt.
In order to do so, they will more or less need to have finished designing* all the encounters in the game, and have made a couple of full-playthrough tests. The first part is to know how much XP the game contains, the second is to know how long it takes to complete the game. (*Note that I said designing, not implementing. Tallying up all the XP sources of the game can (and should) be done in a spread sheet, so it can be done as soon as there is the guarantee that no new area/encounters will be added.) Once they have all the inputs, adjusting the progression can be done in an afternoon. But it should not happen too early, in my opinion.
Finally, and also quite importantly, the current ease of access to Level 3-4 is very good for testing purposes. I have spent a fair share of time testing various spells, and Level 3 is require to test level 2 spells. I like the fact that, whenever I need to create a new game/character, I can "rush" to Level 3 in 1h or so. In my view, Early Access is the time for testing the game, not playing through the game.
(To be clear, I'm fine with any feedback about the fact that "reaching level 3-4 happens to fast (and maybe feel undeserved)", or that "having reached max level makes the game less motivating". These are feedbacks that Larian can take into consideration, when they get round to adjusting the progression. What I find of very little value is holding the EA Level Cap and the concept as Level Cap Per Act as comparable.)