How far does your hipbelt wrap around you?

I think that it depends on the hip belt but for most if the pads cover the front crest of your hips with a bit of wrap around then that is all that is expected. If they are meeting at your navel then they are not really where they were designed to be but might still be OK.
Aarn packs have a "front hip crest" shaped area between a firm back part of the hip belt and a softer mesh front part that is designed to sit and wrap round the hip crest. That is very comfortable if you get the adjustments right.

My hip belt stops about an inch and a half past my iliac crest..I think. I don't have it around to test, but when I reach down as if to adjust it, that's where my hands go! I will get an accurate measure later to see if I guessed right.

I've wondered this same thing though, but I pretty much concluded that as long as the weight is placed over my hips and the zipper to my hip belt pocket is in a convenient location, I'm good.

Technically 3" past the mid point of the illiac crest (on each side). For UL packs with sub 20lb weights, this is really a none issue.