Once the head set is adjusted it is the stem bolts that hold it tightly in place. I suppose you could then take the cap off together with the bolt. But you'll have to refit if you need to make any adjustments in future. To be honest you'll not save much weight (prob the mud on the mtb frame will weigh more).
It's actually the stem that you'd hit (first, at any rate), rather than the end of the steerer tube which should be a few mm lower (for that matter I file my steerers down nice 'n' smooth) but I'd still rather have a topcap in there...
On the caps I have seen, part of the cap inserts inside the steerer, reinforcing the cut end. This is especially prominent on caps intended for carbon steerers, such as:
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