I’ve included Evgeny for extra input here since he is already level 130.
Each level after 120 has diminished returns for the following observed areas -
Pearls for items: level 101 players can melt items for 200+ pearls, the most a high level king will ever get is 180
Gold for items: these two are related, but needless to say, less loot for items too
Ninja/zombie event gold: Tier 4500 sees more gold at the last levels than 5900+ sees for a high level king.
The loot reported at level 130 is 40% lower than a king level 120 and below. Just a stab, but it seems to change about 4% in the wrong direction for each level after 120. As none of calculations are public, we can only show unique items and the value they show between two kings. Uniques are the best test as their worth is closer to max than a standard, which has a much larger swing.
The XP to reach 130 from 120 is 4x the amount to reach 101. Why is FG penalizing them?