There's a potential motivating case to increase this limit in PR47191:
http://bugs.llvm.org/PR47191
But first we should make it less hacky. The limit in InstCombine is directly tied to this value because an increase there can cause asserts in the underlying value tracking calls if not changed together. The usage in VectorUtils is independent, but the comment suggests that we should use the same value unless there's a known reason to diverge. There are similar limits in codegen analysis, but I think we should leave those independent in case we intentionally want the optimization power/cost to be different there.