I once flew with ANA to Tokyo/Haneda in First with a rewards-paid ticket for crazy cheap. When I got there and picked up my luggage there was a tag on it, asking me to go to some specific desk. I did. The luggage was a bit janky, but that happens.
They very seriously apologized for breaking my bag. They asked me how much it had cost. I said "around $40, it was just something cheap". A minute later I was sort of ceremoniously handed an envelope with japanese yen notes worth that much.
In Europe, the airlines have broken my checked baggage about 3 times, in places like Vienna, and those had been reasonably solid suitcases.
Obviously, nobody ever offered a compensation.
There is no wonder that such things happen, because at many airports I have seen how the baggage handlers throw the baggage through the air into the vehicles that carry the baggage to the airplanes, even over a distance of a few meters, instead of depositing it gently into the vehicle. Therefore I never put anything fragile in a checked baggage.