Earlier quoted context omitted.
I think it's safe to assume without digging up legislative history that those amounts represent a theoretical deterrent, not an estimated measure of lost profits.
Statutory damages are different from an estimated measure of lost profits. US copyright act: "the copyright owner may elect, at any time before final judgment is rendered, to recover, instead of actual damages and profits, an award of statutory damages for all infringements involved in the action". Statutory damages in the US are a minimum of $200 per work and a max of $150k. The minimum is quite the minimum too: "In…
Universal's actual losses might be zero but as long as they can prove infringement and that the defendant (intentionally or not) was an infringer, they can get a judgment for damages.
Of course winning some copyright litigation and winning the larger battle over monopolistic control of music distribution channels may be two different things.