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The point is usually the reason why anyone cheats in the first place; to piss other people off.
If people cheat with the sole purpose of winning, then they have serious issues with their intelligence, as they're missing the entire point of the winning in the first place.
To have fun? I mean, I really dislike the idea of jacking up your character just to mess with other people online, but what does it matter to you if they beef up their character to dominate the offline in-game world? If they have fun doing so, good for them. Their game, their rules.
Why do people... betray one another? They might as well... all just die instead. Welcome to my kingdom!