Kralljin
For me personally, a big charm that Hit (or ARP, which is also a stat that has had a hardcap) was that its value varied between classes.
In TBC right now, the value of hit vastly varies between specs (or rather, how much they need).
You have a spec like Elemental or Arcane that have massive amount of Hit just due to talents, they barely need any gear with Hit, whereas something like Warlock needs a ton of hit.
Anything item that has hit is naturally more suited for Warlocks, whereas items that doesn't have hit, is more suited for those specs.
Similiar story with Arp.
It was by definition a Physical dps only stat, but due to how the stat worked, specs like Ret or Enhance didn't favor it, whereas something like Fury or BM, who exclusively dealt physical damage obviously wanted lots of it.
It created a natural inclination that certain items are more built towards a given spec, with a pretty straight forward understanding why they're more favored by a given spec.
Perhaps those stats should be so rare that it's unrealistic to reach a given hardcap, altough that can obviously breed a lot of frustration, again, largely due to Weekly chest / Personal loot.
ARP had a hardcap, yet i don't think most physical dps were happy to see it gone.
I don't think stats with a hardcap are fundamentally a bad concept, it think the big issue however is that hit devolved from a pretty rare and sought after stat to something you just had from day one, especially with Reforging it just became a foregone conclusion to be hitcapped and there was little variety to them later on, it's "everybody needs the same amount of hit, there is no variance, no stat that works only some specific specs".