Progression and access to harder content should be based on in-game accomplishments; not power level.
For example, think about this.
1. Beating the story gives access to the raid.
2. Beating the normal version of the raid and demonstrating knowledge of the machanics gives access to a higher difficulty version of the raid with better rewards.
3. Beating that version of the raid gives access to the hardest version of the raid, which drops the most prestigious rewards.
Take Root of Nightmares, for example. Let's say completing the Lightfall campaign gives access to Root. Now, in each encounter, there is a set of triumphs explicately tied to each mechanic (hidden until after world's first, of course), and upon completion of those triumphs and the raid, you get access to the next difficulty.
The next difficulty drops crafting and masterworking materials and artiface armor, but the enemies hit harder, have more health, and there are additional modifiers on. Kinda like "Legend" now.
Upon completing that version, you have access to the "Master" raid. The master raid drops adepts from every chest, high stat artiface armor, more materials, and cosmetics (armor ornaments, shader, ship, sparrow, etc.). It is also guaranteed to drop the exotic. However, this version is even more difficult and has additional mechanics.
You could apply this to dungeons and grandmaster nightfalls as well.
This system of progression is purely based on player accomplishments, rather than some number next to their helmet.
Edit: Yes. In Season of the Deep, the power and pinnacle caps are planned to remain the same. But this does not alleviate the rather monotonous and heavily RNG dependent grind that is pinnacle leveling for new and returning players.
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Then what's the point of an RPG looter/shooter? The power lvl grind is the same in most RPGs only instead of X lvls above your head it's gear lvls. I still remember back in D1 when you had lvl 1-40 above your head. Miss that actually, but it was tied to your gear. Then, it became light level after max player level. I don't mind the light lvl as it's something to chase besides guns/gear. It also keeps everyone on solid ground. If someone is above 1800, you know they're playing grind or at least got good RNG. I think it will be stupid without the grind because when I hit max light I'm done till next season.