Well, if the cost is that low, I would think that would be an argument for just making it a flat rate.
Historically, I think the fear among people like those here was more or less two-fold.
1.) The original top 1% downloaders were mostly those downloading lots of "Linux distributions" (and of course many other types of media) over torrents. I'm sure quite a few of those 1% ers were on sites like this and preferred to effectively be subsidized by the 99%.
2.) Whether or not it was just a rationalization for #1, many made the argument that bandwidth caps would constrain innovative services because if you turn a meter on, people are going to use bandwidth-intensive services a lot less and the Internet will be less generally useful as a result.
The dynamics today are probably a lot different. I imagine the profile of a big home bandwidth consumer now is a family that watches a lot of Netflix and YouTube.