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Mostly bragging rights at this point, probably. There probably used to be giveaways at that level years ago, but I feel like SteamGifts in general just isn't as popular as it used to be

As if we would tell plebs about all the benefits we get. One of the best is all the free GTA Vs you want.

https://www.steamgifts.com/giveaways/search?level_min=8&level_max=10
Open the link in your browser's private window(InPrivateBrowse)
(Or open the link when you're not logged in to Steamgifts)

Then you can see the reality of Lv.
This is a natural result if you are checking the number of people in each Lv of the community.
https://www.steamgifts.com/stats/community/users
Lv8+Lv9+Lv10users = 1513users

There is (nearly) none - it's not a goal (and should not be) as much as it is a simple "gauge" of your contribution value so far. I figure cg just thought some people would eventually reach such a high CV level, so why not have it as a level.

This graph speaks for itself.

View attached image.

There's no point. It just happens when you make enough giveaways.