This is maybe simplistic, but I'm thinking progress is better served if more people can buy iGadgets, than if bank execs can spend more on luxury goods.
There are huge, positive, side effects when people buy more technology, because technology gets cheaper, which then advances economic growth.
This isn't a rebuttal to your comment specifically, but it illustrates perfectly why bankruptcy ought to be easier and apply to more categories of debt. A lender operates on risk assessment. If provided lending categories where they can saddle debtors with obligation that follows them to their grave, the risk drops significantly. Thefore, in a poor lending market, lenders will gravitate toward lending categories with low risk.