That's a fair point and it has merit. I however don't think the big two will care for it as it does two things, weakens their positions and two give fringe/radicals on both sides voices, of course regular run of the mill third parties (who would syphon votes from the big two).
Of course they wouldn't like it, they loose the boogeyman of "if you vote third party you're just helping the party you really don't like!"
Ranked choice gives smaller parties a chance while preventing them from being a spoiler, I think it's great because it would actually force the two incumbent parties to actually work for their vote instead of assuming you have no real choice (hey, you're pro-choice/pro-life so you HAVE to vote for us or the other guys will have their way, ha ha).
If this made the entire state one giant district, then it would give real power to third parties. But a district with just 5 representatives is not enough to pose a huge threat. They would get some more power, but surely not much. Or perhaps I'm missing something. (When it comes to politics, I'm usually missing something, often something big.)