If we begin as Ben Zoma does - with love of all, we will view mankind far too objectively. Himself loves us. So Rabbi Akiva had a point - a grand one. And each is correct and applicable in its proper context. So too over here, Rabbi Akiva's position is correct and relevant.
Self love is an excellent starting point to achieve universal love.
Torah study does not merely have the potential to make one feel good about him- or herself. When a person studies and begins to understand the Torah, there is a feeling of vastness and grandeur. It makes him feel different, greater. He is overwhelmed, he is exhilarated, and he is quite possibly very swell-headed. This can be particularly true with the beginner.