> technically speaking, switches do not hash TCP information but hash based on data in the Ethernet frame.
I'm not sure the distinction you're drawing here. When my switch balances based on port numbers,-- yes, it's technically just peeking at "data within the ethernet frame". (is this IP? OK, let's add the address at this offset to the hash. Oh, it's TCP too? let's add the port numbers at this offset to the hash).
L2 hashing puts everything from a single pair of hosts on the subnet on one wire, but this can suck when a lot of traffic comes in through a gateway. L3 hashing fixes the gateway problem. L4 hashing lets individual connections have entire links. And, of course, the more fine-grained the hashing, the better the balancing can be expected to be and the lower the odds that 80% of your traffic goes down 1 link in a 4 connection bundle.