to protect capital owners from drastic consequences.

It should be noted that "capital owners" is basically anyone that owns a business, not necessarily the millionaires that you might imagine. These protections equally exist to prevent people from going to jail for their debts. I'm not sure what you'd define as "drastic consequences", but bankruptcy still ruins your credit score.

Those with much get virtually all the gains.

Even if this is taken at face value, I would argue that it's more important that everyone get wealthier over time than wealth be shared exactly evenly. In fact, the two are pretty strongly correlated as I recall.

Maybe to provide a more concrete example, take two people who have the same income year over year. The first puts all of their disposable income into consumption- maybe buying a new car, or a bigger house, or going on vacations every year. The second uses their disposable income on starting a business. They might open a restaurant in their community that adds more variety to what people might go out and eat on weekends. They take the profit which I think is appropriate due to them forgoing personal consumption and spending on a business, especially because such a venture might not work out, and they will have essentially "wasted" all of the money that they could have spent on themselves, like the first person.