Blender 2.8 features significant improvements in the creation of particles. Thus raising both the hard and soft limits seems reasonable.
For the new hard limit I propose 16M which is still below the object limit Blender can handle, thus preventing possible errors.
Note that for point density and other uses of particles that do not involve dupliobjects even more than 16M could be warranted. The viewport handles the drawing of even 20M particles just fine: https://twitter.com/BlenderDiplom/status/1138847617713094656