The point of the damage cap?

It's the same as the meso cap, they assign a maximum number of bits to contain the damage information. For our current cap it's probably 19 bits so it can go up to 2^20 - 1 which is roughly 1m.

it has nothing to do with programming, it's purely arbitrary. it used to be 99999, then it was raised to 199999, and so on as balance dictated, and continues to do so

edit: didn't see how old this post was when i responded to it..

It is interesting how the developers were releasing characters with more and more hits per second, until the recent debut of Angelic Burster.
As if they have realized the potential of characters with fast multihit skills, and the amount of interest players had towards them as more hits means more damage under the damage limit.

well, all i know is dmg cap(if there were no cap at all like pierce etc.) it's same as meso cap,i mean 32 bit cap, 2,1b