In OTB chess I have never given this much thought. In tournaments you must play against whoever they pair you against and it really doesnt bother me if they are lower rated. Ofcourse I prefer to play higher rated players even though it means I will lose/struggle more as this is the best way to learn/improve.
Online chess is completely different since we have more control over whom we play. In online games I tend not to play ( regularly ) with players under 2000. In general I try to follow Lasker's advice in which he said that , if you want to improve, you shouldnt make a "habit" of playing with weaker players.
I need to point out that I am referring to classic/standard/slow chess here because in blitz/bullet I play anyone of any rating.
What do you think about higher-rated players (like yours truly) who avoid playing in open tnmts and otherwise hang onto their precious ratings pts by only playing opponents of about equal or higher-rating? Should higher-rated players at least occasionally put their ratings on the line vs lower-rated players? I generally prefer to avoid playing opponents rated several hundred pts below me because of the lack of competition, but at what pt do other players draw "the line?"
BTW I'm referring specifically to CC not OTB but I'm interested in reading whatever other players have to say here.