This annoyed the crap out of me. I travel constantly with my phone and if it gets wiped during travel (and losing pictures and documents), that would equal me being fired from my job. My companies exchange server enforces security, which is a good thing, but then I have this device wipe thing hanging on my mind. On other devices, I can simply turn off this absolutely retarded option.
I had the same problem on the HTC M7. Luckily it can be disabled with root.
Anyway, once we get a proper root, you can set the failed attempts = 0 in an system xml file and then you will be good to go.
Edit this file:
<item type="integer" name="devicepolicy_max_fail_passwords_for_wipe">10</item>
<item type="integer" name="devicepolicy_max_fail_passwords_for_wipe">0</item>
Reboot and its disabled.