I don't like princesses (Disney or otherwise) for the same reason I don't like the spamming of pirates and ninjas at children, they are terribly inaccurate and simplified portrayals of historical groups. Just as unrealistic, simplified, and caricature-laden portrayals of "cowboys and Indians" altered the perceptions of these groups in harmful ways, I fear that the overuse and glorification of princesses, pirates, and ninjas could warp children's worldviews on these things. Particularly the glorification of outlaws, princesses have been around for a long time, but there is an argument to be made that girls being bombarded with BS depictions of princesses does adversely affect their self-esteem and psyche growing up.
...on the other hand, I do realize that this might be "overthinking it". After all, there's no South Park-esque misunderstanding of modern pirates because of Pirates of the Caribbean. Is it really so bad if a bunch of kids have a wildly inaccurate view of pirates from centuries ago? Is it really so bad if girls have their fictional princess fantasies, so long as they understand it's a fantasy when they're older and really aren't playing up the virtues of an aristocratically controlled society?
It's totally understandable as to why people might want to cosplay it, however, elaborate dresses and costumes and all. I just suppose my problem with Disney Princesses isn't so much how they are portrayed in their respective stories, but the fact that ALL of them MUST be portrayed as "Princesses", even the ones that aren't any kind of royalty. It's Princesses as a brand that bothers me, I suppose. I mean, Celestia from MLP is literally some sort of sun goddess and for some reason she's still referred to as a "Princess". The word has lost all meaning. Maybe that's a good thing, from my perspective.