Here is an article advocating it. One argument that the author of the article does not address/attempt to refute, that to me might of the most concern as a public policy matter is that it will tend to lead to a surplus of eligible males to females, as the alpha males collect multiple wives (unless offset by more males going gay, which is unlikely, or even more unlikely, there are enough polygamous marriages involving one woman and multiple men). Societies with a big surplus of males that can't find a wife, can be destabilizing to society, and even make it more warlike.
That's an interesting argument and it opens a lot of questions that I hadn't considered before, though there isn't a lot of evidence proving it. We don't really know how polygamous marriage would work in a modern society. Would the number of polygamous marriages even be significant? Would women really be that much more unlikely to marry multiple men than vice versa?
Its really hard to predict the implications of such a societal change. Though that is one of the benefits of federalism, we can see the impacts of such a change on individual states before legalizing it nationally.