You lose field of view. You can see almost as much right in front of you, and if you play with your camera angled in front of your character like this:
https://gyazo.com/b5f90020be4556388beed6d33e001025
You'll barely notice the difference *in front of you*. You do, however, lose "field of view", because everything behind you and to your sides are getting cut off greatly. As you can see in my chat, the max distance is set to 28.5 which is the current proposed "max". My camera is panned down BEHIND my character to get a further view into the distance. Here's how it looks from what a raider will usually choose, a top-down view pointed slightly ahead:
https://gyazo.com/9f0efc4f8b38c00377e7f3d5deb51449
And here's both views with the current max:
Angled behind me to get a further view:
https://gyazo.com/3106cfab400a29b017cf5ff45251a056
Top down:
https://gyazo.com/e5eab2626520ffbf2b5a902c79825345
As you can see - my distance is not the issue. My back and side angles are. That field of view is entirely lost on their new proposed max zoom, and it is fucking infuriatingly dumb. So while I can still theoretically see all around me, I lose field of view in everything to the side and behind me, while I retain it in front of me.