The reasoning I heard about limits pre 2.1 was, 'we don't need more space, because your only short on space, because your not using the materials.'
This was some what true. My self, in 2.0 had no problems with materials space, as I was using them up as fast (jump boots). There was also the factor of reducing ammo reloads (which I guess is not a factor now, magical, because you can use your 600 space on ammo mats only).
I think its clear that FD have an anti hording philosophy, as it has been mentioned in a few live streams and that's okay if they want to go down that route but, it seems they haven't quite hit the balance yet (kinda as there are some strange factors at play).
Personally I find the limit silly as it adds nothing to the game apart from time (oh no, time skins). And I think FDs anti hording ideas was more about commodities, so people could not just stock up and blast through missions. Maybe they have these limits to stop that happening to any new content that may come.
Now here is why its hard to balance the limits at this point. If like me, you may be trying to work on a few upgrades at once, or even collecting enough materials to unlock ranks. All good stuff, but once you have your upgrades and unlocks, and start working on just trying to get that extra few percent on a rank 5, The space issue will seem less problematic.
just to be clear, i'm not in favour of the limits.