Define "loser." This issue with tort reform isn't that the plaintiff isn't owed damages, in most cases, so the plaintiff is nearly always the victor and the defendant the loser. The issue is with the judgements being sought.
Example:
If I slip and fall on your property, and show you are negligent (say you had a water leak), I am owed damages. Let's say I have no permanent injuries, but I have a 3,000 dollar medical bill.
You or your insurer offers 10,000 to cover the generals and specials. I balk and sure for an absurd 20 million, requesting generals, specials, and punitive. The court awards me your original 10,000 offer. I am still the "winner" of the court case, as it found you negligent and I am awarded damages. You still pay court costs because you are the loser. Is that fair, or should I be forced to pay due to my being litigious?
What if the court awards 18 million, or 12,000, some in-between amount (which is most likely)? Who is the winner and loser now?
Using your scenario if you chose not to accept the more than generous offer of $10k even though medical expenses were onlyh $3k and sued for $20m and lost - you get to pay the court costs and lawyer fees. Sucks to be you. $20M, $10M or even $100K is total BS when using your example med expenses were just $3K. Toss in a little more for the pain you had to suffer while healing, maybe lost income etc and that covers your expenses and damages. Trying to get rich? That's just wrong.
The number of possible scenarios is endless.
That said it seems to me that in civil actions we've lost sight of what real damages are and what real punitive awards should be. Plaintiffs and Lawyers both suffer from deep pockets syndrome. Suck as much money out of the pockets of those who have it whether justified or not, whether justice is served or not. And considering lawyers and their training I'm gonna go ahead and place most of the blame for the current system being what it is directly on the heads of lawyers.
If the loser pays all costs, meaning all lawyer fees and court costs the BS suits brought for $20M because some Darwin Award candidate can't figure out not to store gasoline in a gas container next to a gas hot water heater simply go away. Only suits with merit and a reasonable chance of victory will be brought to trial.
One thing's for sure though. Under a loser pays all system like most of the world has there'd be a whole lot less lawyers in the USA than there are now (US has the highest ratio of lawyers per capita in the world).
Not sure that'd be a bad thing.