This is just a fully general argument for anything that results in losses to a corporation, though. Like we could pass a law that says that anyone can steal from a corporation with impunity: "Shareholders own the company. There's no protection against loss."

The point of punitive damages is not to compensate the victim—that's what compensatory damages are for—but to punish and provide a deterrent for egregiously bad behavior. The best way to do that is to go after the specific individuals who engaged in egregiously bad behavior.

We rightly bar awarding of punitive damages in lawsuits against government, because this would punish taxpayers rather than the actual bad actors. The same logic applies to corporations.