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I would accept that argument if it happened once, but alas it didn't.

While anyone can start a wildfire, they are a large actor, which causes them. They make profit and could invest money to reduce their part in it, but as long that is an external cost, there is no economic motivation. That's not penalisation, it's economics.

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I think implicit in PG&E's decision to neglect maintenance was that they weren't allowed to raise rates and it wouldn't actually be very economical to do maintenance to reduce wildfire risks, so shareholders preferred profits were returned to them rather than reinvestment into e.g. maintenance. So adding the "motivation" to reduce wildfires might've made them more likely.

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