"Removing the personal capital requirement on baker growth only helps bakers who are already in high demand."

Bakers who are already in high-demand already have no problems acquiring outside capital through off-chain agreements. How does this change anything for bakers in high-demand as they already have access to capital due to the fact that they are in high-demand? The incentive for such bakers is to only accept as much capital is as required to cover their bonds. The more stake participating in their bonds, the more their returns go down. They earn more when stake is delegated to them than they do when stake participates their bonds (e.g 0-5% fee for bond participants, 10-20% fee for delegates).