I agree leaderboards would be a joke in D4 and do not reflect true reality in D3.
D3 does not have the flood of duped items flooding their leaderboards. What D3 has is severely minimized compared to what we would see in D4.
Leaderboards should be a mark of skill and to some extent luck. When D3 has the 800 paragon cap season I can get into the top 100 on most classes. When it is unlimited I don’t bother as it ceases to become what it should be. It would only be worse with the current state of D4.
Unless something is done to minimize the RMT/duping in D4 leaderboards will be another clown act in the clown show. It will encourage the behavior for the e-peen effect. It cannot be eliminated but that is no excuse for not taking steps to reduce it.