There is a huge mistake here. Counterspell doesn't say it counters a completed spell, it doesn't say it counters a spell being cast by a creature, it says "when you see a creature within 60 feet of you casting a spell". It is 100% based on assumption, otherwise it is metagaming to know 100% if a spell is being cast or not. A spell requires 0-3 components, unless metamagic or something else is applied, those components are all required for a given spell, and a spell has a level but can be upcast to a higher level. This cause numerous factors that either require metagaming to know, or require that Counterspell is based on Assumption, not truth.
Material Components:
You see someone pull out a mix of Sulfur, Charcoal, and Bat Guano... are they Fighter about to pack their pistol with gunpowder or a Wizard about to cast Fireball? You can Counterspell, but you are using the slot, either way.
Somatic Components:
You see a Thri-Kreen making gestures for Dominate Monster, they know the exact gestures, it is an 8th Level Spell, you will need to upcast counterspell to 8th or 9th level to counter it... but since you don't speak Thri-Kreen, all you hear are clicks, whistles, and chirps, they could be literally saying "Counter this Dummy", and not have the slots or any intention of dominating the huge monster you have with you... If YOU don't know for sure, you can always expend the slot, it is like holding an action, the slot is used, whether or not the actual trigger is valid.
Verbal Components:
A Paladin shouts the verbal components to Fear, taught to them by the Wizard, while activating their Paladin Feature, the fear works, even if you cast counterspell, but you saw they cast it, you did, because it only has a verbal component, and magic did trigger, so it has nothing to do with magic. Counterspell is an interruption as a reaction, it is meant to prevent the completion, not stop a spell that has already been cast, you stop it in its tracks or you don't.
Other Tricks:
Major Image, once cast allows the Bard to hold his action every turn to create an army of copies of the Wizard or Warlock all casting various spells, the gestures are accurate, the verbal components sound accurate, the material components appear accurate, that is a dozen spellcasters, all accurately casting real spells (because if you don't know they're an illusion, you will feel the effects of all the spells, not just the real one, and worse, your counterspell fails on all of them anyway), so your reaction has a dozen valid triggers, except none of them is actually a real spell, despite all of them about to feel totally real when they hit you, and kill you...
Fist:
Muscle Wizard Casts Fist, you cast Counterspell, the Fist Spell countered your Counterspell, because Counterspell is useless against the Fist Spell of a properly experienced Muscle Wizard. Never be in range of Fist with a Counterspell, you will lose most of the time.
People need to grasp the concept that You can always waste a spell slot, it is a built in mechanic, it is why spellcasters are best choosing cantrips for all held actions, because otherwise if a trigger never happens you have squandered the slot, Counterspell is no different, you react. You can cast Shield when an Opponent rolls a 1, you shouldn't, but you can... likewise, you can cast Counterspell at a Barbarian 70' away that was taught how to imitate the exact gestures and words of Eldritch Blast by the Warlock for when the Barbarian is still too far to attack, it will succeed, the Eldritch Blast will never go off (not that it would anyway, but YOU SAW A SPELL BEING CAST AND CAST COUNTERSPELL TO COUNTER IT, nowhere does it say "When you see a SPELLCASTER casting a spell", it says when you see a creature casting a spell, not cast, casting, it means you have to see it and you choose to react).
Always remember, you can waste actions, it is Metagaming to know truth from misdirection without a role. YOU Roll, it is your perception, not their deception, unless they have no ideas at all. Yes, if the Barbarian starts mumbling and waggling his fingers because he thinks that is how spells work, it is an opposed check (hey, he could be lucky, and his mumbling could sound like Power Word Kill for all you know), your DM can then choose to have you roll Insight (to tell that the Barbarian is just pretending) or Arcana (cause he just got lucky and is on a leyline, and is about to cast a Level 9 Spell by pure dumb luck (hope for the insight check, seriously, you don't want to waste a level 9 spell on countering a Barbarian casting a spell, but you definitely don't want to not counter a level 9 Power Word Kill).