I was in business class to Japan on United some years ago, and passed on the veal-stuffed-in-pastry (there's a fancy name for this but it escapes me). My neighbor chose this, got the most unimaginable gristle ball in soggy dough. I didn't track the entire negotiation, but the first offering was a box of duty-free chocolates, the second offering was an SWU.
Everyone rags on United, but I can't see CO doing this. Yet an upgrade comparable to the flight in question does seem appropriate compensation.
Or a ticket to Thailand, where I was able to eat bugs intended for human consumption?