I liked it better when teams represented the style of play of the country they are based on. Now every team is full of foreign managers and foreign players. I think the foreign player limit maintained a sense of identity associated with each club. It forces you to develop your own talent, and the fans are always going to be more into it when players are from the same country as them. Now we rarely ever see teams develop talent.
The possibility for a club to have the majority of their squad born outside of the country.
That alone made possible to the big clubs in Europe just take away the best south americans, leaving our leagues so much worse in comparison.
Take Brazil, for ex: Our best wonderkids after Neymar were all already bought since before they turned 18 (Vitor Roque, Endrick, Rodrygo, Vini, etc).