Even if they removed red scrip caps, crafting would still be dead.

[MN_14]

Removing the scrip caps themselves will only help a very small percentage of crafters. You can remove all the caps you like, but most items will still require 1.5-2 hours of favor grinding, meaning that only those with huge amounts of spare time will benefit.

It's the favor system that probably serves as the bottleneck for most players. Unless more adjustments are done to it or materials become much more readily available (hopefully island exploration will help), crafting as a whole will still be in decline.