The steep stuff shouldn't be downgraded, but maybe the vertical stuff & some trad should be upgraded. Here's two examples:
Out For Justice - 11b is butt hard
Where Lizards Dare 9+ trad is harder than some 5.11 sport routes I've done.
Just my opinion. Also, I agree that ratings get all the attention, but telling those hot chicks at the gym you can red-point 5.9 just doesn't seem as impressive, now does it?