No. This is how you arrive at a society where most people can’t afford insurance.
A person that is wrongly incarcerated should of course be compensated for their financial losses plus a certain amount for the pain caused. But the compansation still needs to be within reason. Otherwise, insurance will skyrocket.
I mean, it already did in the US. For this exact reason. But I’d note that most countries do not give exorbiant payouts. It’s not normal and not good.
Or: If the loss of a pet is priceless, why stop at $10m, or indeed why compensate at all?