Why are high cap rates risky

[Owen Thornton]

Why are high cap rates usually considered risky? Are they not profitable for their high returns? Or is it likely risky because the seller is selling even though there are such high returns?

Are high cap rates simply on average risky, though some may not be?

I am confused simply on: what part of the equation of a cap rate includes such risk?

Is the risk simply class and state of property?