The usual Dyson expansion applied to quantum field theory for virtually all interesting interactions yields divergent loop integrals that must then be regularized and renormalized.
Suppose we make do without the Dyson expansion and interaction picture, and consider the following. I use the Schrodinger picture purely for convenience.
Construct a Hilbert/Fock space for our QFT $(\mathcal{H},⟨.|.⟩)$.
Represent our field operators $\hat{\varphi}(\vec{x})$ and $\hat{\pi}(\vec{y})$ such that $$[\hat{\varphi}(\vec{x}), \hat{\pi}(\vec{y})]=i\hbar\delta^{(3)}(\vec{x}-\vec{y}).$$
Construct the full Hamiltonian operator $\hat{H} = \hat{H}_0 + \hat{H}_I$ which we verify to be self-adjoint $\hat{H^\dagger}=\hat{H}$.
Define the time evolution operator $$\hat{U}(t_2,t_1)=\exp(i\hat{H}(t_2-t_1)/\hbar).$$
Since our Hamiltonian $\hat{H}$ is self-adjoint, we have that $$\hat{U^\dagger}(t_2,t_1)\hat{U}(t_2,t_1)=\hat{U}(t_1,t_2)\hat{U}(t_2,t_1)=\hat{1}$$ i.e. our time evolution operator $\hat{U}(t_2,t_1)$ is unitary. Thus for any two normalizable states $|\psi_1⟩,|\psi_2⟩\in\mathcal{H}$ where $|⟨\psi_1|\psi_1⟩|$, $|⟨\psi_2|\psi_2⟩| < \infty$, we have that the transition amplitude $|⟨\psi_2|\hat{U}(t_2,t_1)|\psi_1⟩|^2 < \infty$. Our transition amplitudes are finite just as they are in ordinary finite dimensional quantum mechanics.
By the naive construction above which parallels usual QM theory, obviously we must find that the exact transition amplitudes are finite even if the perturbative amplitudes deriving from the Dyson expansion are divergent. The conclusion is that the "exact non-perturbative" transition amplitudes are finite regardless of the dynamical content of the theory contained within the full Hamiltonian $\hat{H}$. Like this, $\varphi^6$ theory in 4D is finite, Quantum General Relativity is finite, the Fermi Theory of the weak interaction is also finite etc... Surely this cannot be true, right?
What goes wrong with the previous construction? There are of course additional subtleties relating to the choice of Hilbert space (by failure of Stone von Neumann), definition of inner product (for example there are no infinite dimensional translation invariant Lebesgue measures if we attempt a Schrodinger type inner product) further mathematical subtleties relating to proving self-adjointness, generalizing the spectral theorem, the definition of the time-evolution operator etc... but are any of these mathematical complexities sufficient to revoke the core of the argument above? If none of these issues are relevant, then where exactly does this go wrong?