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I calculated the payload even with reentry/landing systems as 4,500 kg while the mass of the Dragon capsule is 4,200 kg.
For Dragon to be useful, it has to carry other stuff- mass, like people or cargo (and propellant). Having effectively just the mass of the capsule means that you have little or nothing left over to allocate to payload.
If you keep the capsule/cargo/crew cabin attached to the vehicle at all times, you can eliminate some things (such as the heatshield, for example), but then you also have to deal with other disadvantages- such as modifying the entire stage for operation for relatively long durations in space, carrying enough propellant for rendezvous/proximity operations, etc...