New Policy for Mechanical Delays?

I was scheduled for a flight this morning... a 6 AM flight so I could get into work (I travel weekly). The flight was canceled due to a mechanical issue and they rebooked me on a flight that gets me in ~8 hours later than I originally was going to.

They say there is a new policy and the maximum compensation for a mechanical delay is $50 credit or 2,500 miles... is that true?? That is ABSURD if it is.

Looking for some advice here.

Thanks
Josh