If I may can I highlight, and more importantly reword u/Strificus question above.
Level 500 players are arguably, a very dedicated and apex-passionate crowd. Getting to 500 through many if not all seasons can be a real achievement. This achievement, personally, is a really nice milestone to hit with your account. That said, getting to 500 feels like you lose out in some way, perhaps the achievement of moving your account forward - perhaps some kind of bragging rights.
Have you guys considered allowing players to progress past 500 in any way?
Yes! We do plan to reward our level 500 players and give them more to earn. We've got a couple different cool things in the works but can't share any information yet, but yes we absolutely plan to reward our most dedicated players.