The main issue I see with ZCAP controlling funds or other such decisions is that the ZCAP is an arbitrary group of people decided by the Zcash foundation based on how loud they are on social media (zcash forum, twitter, etc) or based on prior connections to the Zcash foundation. In other words, there isn’t a formal way to become a ZCAP member. There’s a lot of room for bias due to the composition of the ZCAP.
Further, another issue I see is a lot of the suggestions are committees deciding upon other committees upon other committees. This is just going to lead to unnecessary bureaucracy and include subtle ways in which members can be influenced. A way around this would be to use more “DAO”-like tools in conjunction with some needed bureaucracy.
Disclaimer: I am a ZCAP member.