Maybe this is going to be an unpopular opinion, but I do kinda disagree here (and this is coming from someone who's rep-capped eight times and counting over the last couple of weeks; I've missed out on . . . a couple thousand more rep points, at last count).
It's not really fair (or, sometimes, safe) for someone to gain a whole bunch of privileges just from one or two really popular posts. That's not really a measure of how well they know the community, or how much time they've put into it, or expertise, or trust, or any of the things that reputation measures.
Heck, it would be ludicrously easy for someone to make a couple of drama-filled posts, gain a ton of rep, and then abuse the site privileges if they came in with bad intentions. This sort of thing - as well as just innocent folks gaining lots of privileges from a post or two - is mitigated by the rep cap.
Let's keep those safeguards around. Folks have plenty of opportunities to participate and gain rep as it is; I don't remember the last time Meta was this active for this long. But removing rep caps . . . that's a bit much.
(Lest you think of me as a gatekeeper, I'll go back to sulking about all that lost rep for a bit. I'm fine with the rep caps, even if I've been affected by them.)