Insofar as it incentivizes centralization. It seems reasonable that most lightning node operators with dreams of eventually earning yield from it are going to want exposure to the highest traffic areas -- which will be the largest nodes, who increasingly become the common target of channel builders.

But as nostr:npub1utx00neqgqln72j22kej3ux7803c2k986henvvha4thuwfkper4s7r50e8 noted in another reply, this might not functionally matter much. Anyone can still build a channel to anyone else. So even if a massive node were to go down, the incentive is also there to quickly heal the network. I guess the problem there becomes when high fees are a normal thing, but hopefully we have time for that.