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When everybody at the table accepted the $400 buy-in, that's action offered and accepted.
So if a $300 capped table all agrees to let everybody buy in for $5000, that is okay? What happens to the next couple of players to sit down?
A) $400 <> $5000. $400 doesn't significantly change this game, particularly since it's covered by at least one player.
B) Obviously if all the players agree to a limit change, the floor should change the limit unless he has an strong reason not to. If he has multiple $300 cap games going, he should definitely allow the table to change to a bigger structure.