Endgame/fun should start on day 1.
It's bad enough we have 50 ranks of pointless crap to go through as a barrier to entry to the "content" (which so far isn't even there anyway), let alone more pointless crap to go through every 1-2 years, making everything before it obsolete.
Another thing, the only motivation for level cap increase is because SE doesn't want a saturated side-grade gear system, and also because grind is the easiest form of content to implement.
Well guess what, gear and grind shouldn't be what a MMO is purely about. Not all games focus on gear grinding. Yoshi himself played DaoC, which included concepts like territorial control as an end-game motivator.
Level cap rise is just lazy and unimaginative game design. Typical SE lately.