Quite the opposite in fact as people love to hate dynasties.
The problem is, if you don't have a cap, the rich get richer (which I don't care about). But what I do care about is the effects that the "rich get richer" mentality will have.
At some point if mid to smaller market teams can't retain stars because they can't afford to pay them, the franchise will eventually go under in the long run. Unless you're like OKC and get insanely lucky and hit on Westbrook and Durant. Otherwise, the total amount of teams would eventually start to dwindle and that hurts the league.