There are many things wrong with tort reform and many reasons to do it. In the first place, without the threat of huge judgments against a company, say GM, that makes a calculation that they can more economically settle with 250 families of burn victoms over faulty gas tanks than to pay to fix them, there will be that temptation to put company profit over human life. For example, soppose somebody dies of a heart attack as a result of an HMO denying a patient a test that could have picked up the disease, you can now just sue for the value of that test. This is a huge loophole that tends to make profit over people more tempting. In other words, law suits are the corporate equivalent of the death penealty. Keeps um honest.
On the other side of the ledger, there is a temptation, every time somebody stubbs a toe, to want to sue for millions. The fear is that people are scum. But what gets left out is that corporations are run by people who by that reasoning are every bit as much scum themselves.
Each side wants to balance this totally in their own favor. Society, therefore, will have to do it's best to come to some middle ground where the best interest of everybody is served.