Punitive damages are awarded for intentionally injurious behavior. They are not required to match up to actual harm -- they are intended to punish and to encourage the defendant to avoid future injurious behavior.

Punitive damage case law is inapplicable to compensatory damage cases (statutory damages are compensatory, not punitive).

It's like crime: if you commit a crime, you waive due process in regards to the formula used to determine what sentence you serve. Your only protection is what the people, via the legislature, has determined is a fair formula for determining sentencing.

BTW, you should check your case law. Statutory damages have always been upheld by the courts.