What people want for the atmosphere of the Square is "something interesting with a diverse offering of food and beverage". What they'll pay for is alcohol, preferably interesting but not too expensive. Eliminating the liquor cap will eliminate the excess profits ("economic rent") harvested by those who now own liquor licenses, unless they can persuade the city to not issue any more. The winners are everyone else in the deal, primarily the customers and the landlords. Losers include people who don't drink much and don't want the people around them drinking more.