The main reason to not allow players to pick up more than 5, is so that they dont have enough powers for when they really need them and then buy more. By limiting the powers, it also leaves a lot of powers on the maps, which forces players to reply levels they otherwise wouldn't replay.
Fair, and I have to admit, I hadn't considered this aspect. On the other hand, having no limit could actually entice some portion of players to use more powers and later on be dependant on / addicted to them. Because if there is no upper limit, these players won't hoard them but use them instead. As they can't maximize/"gamify" their power collection (although if humans wouldn't tend to flex their muscles regardless, then there wouldn't be a forum thread about highest clan requests, so I might be wrong on this). And players who use them more will not be able to let go as easily.
But regarding the latter argument: I don't see the high risk of players only re-playing levels to collect the powers either way. At least not just for the powers. Because in the stages where there still are powers on the map, you need quite some time for most levels, at least on average. And when you have enough andvancements to rush through all levels, there aren't powers to collect anymore.