@Daze623 Hackers can get anywhere, but any step making things more difficult to them is a good one. Anyway, the current system is fine, I don't think anyone wants to get in situations where the closest server doesn't have enough players, the reasonable ones are full and the higher ping ones deny connection. Also, I'm pretty sure the list of available match servers is sorted by ping and it's possible that, even when connecting to a more distant lobby server, to actually get a match server that's quite a bit closer in terms of delay.
Regarding lag, the biggest problem comes from instability. The spikes can ruin the experience, although the average is hardly affected by them. A system limiting ping can mess up the matchmaking but also make things worse whenever there's instability, a more aggressive version even taking players out mid game.
Thing is, I really doubt the raw ping is the whole problem. I sometimes seem to get significant input lag, which might be an effect of underperformance and/or too high/low/unstable network buffering. Also, noticed that streamers often get much a much smoother experience, even at much higher ping than I usually get (I average around 60-70ms on one PC and 30-50ms on another). Wish they'd expose more stuff on a larger performance display, although there's nothing much we can do to change anything.