The question is essentially what is asked in the title. I split it into two parts
(A) (Arguments supporting the existence of large cardinals) What are the main philosophical arguments in defense of the existence of large cardinals, and to what extend these arguments work (I mean if these arguments work for very large cardinals, say like $I_0$, ..., or they are limited in the hierarchy of large cardinals).
(B) (Arguments against the existence of large cardinals) What are the main philosophical arguments against the existence of large cardinals, and to what extend these arguments work (I mean if these arguments work even for small large cardinals like inaccessible cardinals, or they are essentially against some very large cardinals).
I am mainly interested in the arguments given by those people who have some experiences in set theory (they have important results in set theory).
A somehow related question is Arguments against large cardinals.