There are reasons why people choose not to cap. If you leave it uncap the market fix the value. If you cap it you pretty much give a big advantage to those that make it to get the share in the ICO and a lot of people cannot get in. Those that gets the coin in the ICO can later make their money back selling as soon as the token are tradable. Of course if there is a earlier a earlier round for their buddies, fairness is already out of the door.
As a founder if you cap, you pretty much give away value to early investors for free. Value that you could have capture yourself.
So I am not so sure that capping is always better… it is only better for who make it in the ICO.
I agree with what you are saying here.