Both in Elo and this system, there is no *theoretical* maximum. However, as your rating grows, even if you maintain a perfect win rate, the gains will become rapidly diminishing unless you are able to continually find better ranked opponents to play against. Simply continuing to win against much lower rated players will only lead to very small, diminishing gains that could be easily wiped out by just one poor performance.
Thus, in practice, once ratings have somewhat stabilized, if you've managed to distance yourself from the pack, you'll have very tough time just maintaining that ranking, never-mind attempting to further grow. The upper envelope of practically achievable rankings would be determined by how and where the ratings eventually stabilize. With the FIDE Elo system for chess players, the top players are around 2700-2800. Thus, it would be very difficult to grow far beyond that unless you can maintain an unprecedented win rate against the top players.
I would expect the spread in Elo rating for Diplomacy to be much less broad than in chess. Chess is a very deep game with a wealth of strategic and tactical depth that allows for a very broad stratification of skill. Essentially, if you think about arranging chess players on a ladder, organizing each rung such that players from it can easily defeat the players in the rung beneath it but are easily beaten by the players from the rung above, then I think one can find very many rungs in broad spectrum of chess skill. With Diplomacy, I believe there is fundamentally much more variability in performance and more uncertainty due the game being non-perfect knowledge with tricky multi-player dynamics. Thus, the spread in ratings would be much narrower. Also, it's tough to judge the behavior of the rating system at this point since we are really looking at many orders of magnitude less data than has been handled in Elo systems in place for chess, and the ranking system is still quite a work in progress.