The point of the damage cap?

The problem is more that some classes have more hits per skill use than others. If one class hits 10 times at 100% and another hits 5 times at 200% at the same speed, but both hit the damage cap, then the class that hits 10 times will do double the damage.

Some classes with slower hits achieve the damage cap much sooner than classes with Hurricane skills. I understand your point, that now the late-game dps is all about how many hits your class does, but at the end of the day, which is the better class for someone to play if they're not going to fund much if at all? Phantom or F/P Arch Mage? Mercedes or Hero?