It's simply defined in the source code of the tool, among other limits:
#define MAX_HOPS 255
#define MAX_PROBES 10
#define MAX_GATEWAYS_4 8
#define MAX_GATEWAYS_6 127
#define DEF_HOPS 30
#define DEF_SIM_PROBES 16 /* including several hops */
#define DEF_NUM_PROBES 3
#define DEF_WAIT_SECS 5.0
#define DEF_SEND_SECS 0
#define DEF_DATA_LEN 40 /* all but IP header... */
#define MAX_PACKET_LEN 65000
There isn't a comment indicating why, so I guess, "arbitrary choice" is it.
Probably the developers thought that more than 10 per hop would not be useful and would probably not represent a sane choice.
Are you dealing with high packet loss or jitter? Even 10 packets should be more than enough to establish whether there is high packet loss or jitter.