The usual universal gate set is $\mathcal{C} + T$ where $\mathcal{C}$ is the Clifford group and $T = \begin{pmatrix} 1 & 0 \\ 0 & e^{i\pi/4} \end{pmatrix} $ is the $\pi/8$ rotation gate. In practice we find a code that has $\mathcal{C}$ transversal and then we use magic state distillation to "simulate" the $T$ gate.
However, we could have just as easily used the universal gate set $\mathcal{C} + M$ where $M$ is any matrix outside of the Clifford group. For example, the $T$ gate above is in the 3rd level of the Clifford hierarchy, but we could instead choose $M$ in the $4$th level (or even outside of the hierarchy).
There must be some reason people mainly use $T$? I have heard it said that "implementing $T$ is extremely costly" but "even higher levels of the hierarchy are worse." Can someone maybe explain this to me?
Note: On the other hand consider a 1-qubit universal gate set $\langle X, Z, T\rangle + H$ and find a code with transversal $X$, $Z$, and $T$ (like the $[[15,1,3]]$ Reed Muller code) whereby we simulate $H$ using magic states. Since $H$ is in the Clifford group wouldn't this offer up even more cost reduction?