You can always send your feedback to Apple at http://www.apple.com/feedback/
I actually do have the "wipe after 10 failed attempts" enabled for my passcode. My personal perspective is, if lost or stolen (and assuming you do not find it quickly, like just misplaced in your home or something), your chances of recovering it with find my iPhone are slim to none at best. Any data-connection-dependent method of remotely tracking a mobile device is just too easily defeated to be worth much, IMHO. There have even been news reports of savvy thiefs keeping those heavy guage metal-foil plastic bags in their pockets to drop stolen phones into - the foil pretty much cuts of radio reception so the device immediately goes offline, even though powered on. It is thus immediately unfindable.
The USA is now rushing to implement a shared system of IMEI information to block all phones reported by their owners as stolen - being a shared stolen database system, it is hoped all carriers will participate and thus block all stolen US phones on all US networks.
However, other news information would indicate this will do little to curb theft of smart phones. According to the FBI, one of the prime reasons for smart phone theft has nothing at all to do with resale value of the stolen phone itself, but personal information and identity theft. Since it seems it is such very common knowledge that most smart phones use no password protection at all, they have become prime targets for what is on them, not for the phones themselves.
So along with IMEI blocking to stop resale of stolen phones, if everyone began using passcodes on their devices, thieves would then truly have no reason to bother stealing smart phones or tablets. But as long as there are 100's of millions of unsecured devices out there, there will be theft, and lots of it - it is a multi-billion dollar a year enterprise, peddling other people's personal information and identity.