Let's make a generous assumption that each and every player of the game makes (and uploads) the entire 32-level capacity. And let's ignore the possibility that levels can be saved to local storage for the purposes of this thought experiment. If we assume every level must have a level code, we can find a reasonable upper limit on the number of levels per person by figuring out how many level codes there can be.
If we look at the level code format, which as far as I can tell is composed of 9 alphanumeric characters (case insensitive), we get
36! / (36-9)! = 34162713446400 total level codes. If we divide by the current limit of 32 per copy of the game, we get 1067584795200 total accounts - which is still a nonsense number (over a trillion.) So naturally the limit can afford to be much higher.
Let's make a couple more extremely generous assumptions. Let's say the game was designed with a 30-year lifespan and that the company wants literally everyone on Earth to have a copy. The median estimates of population growth I took ten seconds to Google say we're looking at about 9.8 billion humans by 2050.
If we round that up to ten billion we get ~3416 levels per account before we reach the limitations of the code system. Though there are various things that would cause problems long before then, depending on how level codes are generated, and of course the costs to actually store that many levels is another matter entirely.