Well, my time is money. The top guy's time isn't my money. It's not my problem they misspent their youth.
If an open is too top heavy it's not worth entering unless it's for funsies aka recreation. At least in capped the "top guy" can only beat me 2:1 on fargo predictions and I might catch them on a bad day. I'd be more willing to put up a larger stake when I wasn't favored to lose 10:1 or something. That's what an open is for most players, a losing proposition, aka donation.
I'm not scared to play better players. I like it. Which is a reason to still play in open tournaments, but I'm not pony-ing up large sums to play in an open.
Fargo capped are basically for people who want to play people around their level, where they have a chance. Most are willing to pay a larger entry fee for this reason. It's actually within the realm of possibility to win.