The argument for showing up late is not to "avoid the early all-in chaos". When you enter late, you will have a shorter stack, so there will be more all-in before the flop situations and not less. Its also not an argument to avoid bad players, because the worse the opponents, the higher your potential winrate. The real reasons for showing up late is to save time and to take advantage of the fact, the value of each chips goes up, when someone bust (ICM).
The ICM argument is however only valid in regular tournaments, because if bounties have been paid out, then the value of each chip goes down not up, since there is now less money left to content for. So in regular tournaments there are pros and cons of entering late, and its largely a matter of personal preference. But in bounty tournaments its decidedly bad to enter, when a lot of players have already been knocked out, especially in formats, where the bounty is large.