If you value human time by $1 million per year then that is a waste of 700 man years or 8 people's worth. Of course they got paid and received "free" training for their job so it wasn't a complete waste but there certainly are better things to use those man years on, like a functioning satellite.
You can't extrapolate from the price of a human spending 8 hours following limited corporate instructions to the value of their other 16 hours.
First of all, value and price diverge for many reasons all the time. Secondly, most people on Earth produce more value after work than during, but that value is not fully priced or marketed yet (try as captains of industry may).
That used to be more true in the colonial powers as well (most value was not marketed, and stayed on homestead).
Humans do exist now whose labor is fully marketed but they are rare, mostly men, mostly rich. And even them, they still produce a lot of extra-economic value in most cases.
Many humans labor is entirely unpriced, like full-time parents or schoolteachers, social workers, artists, and other "passion professions.
They're really not, as far as managing risk goes. If you try to avoid assigning a value, you're going to do a worse job, and more people will probably die.
It may be better to use the statistical value of a human life defined by safety/enivronmental organizations, which for the US is currently about $10 million per citizen.
Going by that the satellite was worth about 70 lives, which is a bit under the amount of people killed by venomous animals each year in the US.
Edit: More random morbid facts - Annual automobile deaths amount to only 6% of Wyoming's population, but do economic damage equal 10x Wyoming's GDP.
