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If it becomes easier to broadcast transactions with larger OP_RETURN outputs, and more people do that, blocks become smaller. This is because each byte of OP_RETURN "costs" 4 vBytes, since it doesn't get the witness discount.
It's not clear that OP_RETURN outputs would take off in any meaningful way, but if we imagine a scenario where it totally did and blocks were chock full of only OP_RETURN data, those blocks would be 1MB large, and barely impact the UTXO set, while contributing a lot to fee pressure.
So in a world where we allow spam in witness data, spam in op_return might be less harmful. Sounds like we should allow less spam everywhere.
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