Your nickname says all we need to know about your bias in this situation but let me try to 'discuss'.
First, the PL is not La Liga where people care only for the two big clubs with a sprinkling with Sevilla and Atletico (not Athletico btw) Madrid (who both inevitably bottle the league to the former two in 9/10 cases).
The PL is built on equal distribution of money which allows for excitement in most games and unpredictability of the outcome each season(title, top 4, relegation). We have already seen that allowing Citeh to spend their way to a league title makes the league winner less unpredictable/exciting. Why should crap teams like Spuds and Arsenal get to benefit from big money when they've proven they're not good enough to compete with West Ham and Leicester?
Secondly, I would prefer to watch crappy little teams than these plastic big clubs owned by Yanks in a league facilitated by Yank banks (JP Morgan, please). Americans have proven time and again they have no understanding of European football in relation to its meaning to fans and communities, so I don't want them to have even an ounce more influence on European football.
It's all about money.
PL attracts the most viewers these days and they get the most money. PL distribute equally meaning even though the big clubs bring in the most viewers they do not get paid the most money.
La Liga has two of the biggest clubs in the world, but they can't compete with PL in terms of money. Same with Serie A. Soon Leicester will be able to offer better deals than Real, Inter, Juve etc.
Uefa is corrupt to the teeth. Same with Fifa. Qatar got the World Cup 2023. Don't tell me they don't go after money. Fifa themselves proposed club wc. Btw. why should they be in charge of the European competitions and why should they decide how money is distributed? Here the clubs are taking charge.
I can perfectly understand the big clubs going for this. It makes sense and keep them as big clubs.
In all honesty I think the big clubs are just trying to shake up the current governing bodies. Maybe this will not mount to anything right now, but in next 5 years I think football world will look different.