Is there a max ammo cap that you can't go beyond?
I currently have 250 primary, but if I get scout rifle ammo cap on my boots as well as my chest is it a wasted stat if I am at a hard cap for ammo?
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I think the max for a primary weapon is 999 total. That is in gun + reserve. That is the most I have personally had it at, and it seems to perfect to be purely coincidental.
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There is a max ammo limit that is defined by the weapons themselves. There are modifiers that can increase that cap, however, like the ones on your gear. I myself have a rocket launcher that has a max ammo capacity of 5 standard, but at one point had gear that have me a max of 8. Just keep an eye out for gear that helps you ammo capacity of your weapons of choice and you can go a bit higher than that.