This is 100%. The owners are shortsighted. More cap space = the ability to put a better product out on the ice every night = more winning (if built correctly) = more people want to watch.
My guess is that there are many owners who do understand this but the reality is that a higher cap ceiling would mean the teams in attractive markets (New York, Toronto, Florida/Tampa, LA etc) will be the ones reaping the rewards of extra space and not the small market teams, who just will see it as more money spent trying to keep their own players with a lower chance of bringing in premier talent from the outside.