Memes

That's partially because like many other words and names (just consider Isis, an important goddess of ancient egypt), "socialism" to most people means the type of absolute control that communist countries usually feature. But of course, as a word/concept, socialism is just the application of socialist policies, not even remotely alluding to some absolute end goal or so. And naturally as a part of society except a tiny minority at the top, most people would benefit from more socialist policies.

I think capitalism is fine in principle, but like anything else that needs limits and rules that people are willing to enforce.

Yes exactly.

You can be fine with the innovation and entrepreneurial spirit of capitalism and still favor a wealth cap and abolishing laws like Citizens United that give money undue influence on politics. Extreme wealth concentration actually hurts capitalism by starving the spending economy of money. It's a defect in the system that eventually spoils the system.