The budget cap is just a little over the current Haas budget. Personally I don’t find the prospect of watching a race with 10 Haas level teams in it to be a particularly compelling idea. I’m also not that excited about the idea of constructor innovation being limited to what you can achieve with a Haas budget.
The budget cap is probably the bluntest tool available for addressing constructor performance balancing. For example, the current chassis rules make aero incredibly complex to design (which is expensive), and makes close racing impossible (because of all the dirty air). They would have been better off simplifying those rules (and maybe bringing back ground effect). Look at how well Racing Point performed last weekend, they nearly got a podium. The only significant change they made was copying the Mercedes 2019 aero kit.