They're following the idiotic prestige system. Activision knows psychology quite well and knows that as long as you have some new cap to work towards, you'll keep playing, as long as you feel like you're progressing and never too far behind. That's why they need expansions as soon as most people hit the cap, and they need to let people upgrade to just before the cap as quickly as possible, and then make getting to the cap an extreme grind.
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It's to keep people on the hamster wheel. And Iron Banner is coming out soon for people who didn't buy the dlc to reach level 32 (maybe).
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IB will probably have one or two of the highest level pieces, but you will need a piece or two from the raid as well to reach lvl 32.
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Apparently iron banner only gets you to 31.