I'm sure it was frustrating to not get your wedding clothes with your flight, but I think SAS is being more than fair. Just like there are limits for lost luggage, it's reasonable that there are limits for delayed luggage - usually the compensation for toiletries and regular clothes. If you are worried about special clothing or valuables that are not covered by normal compensation then you should have travel insurance or take them in a carry on - especially when you have connecting flights.
This wasn't SAS' fault. It's a third party that handles the luggage and I assume there are limits to what they will compensate. And in the long run it's not the airlines that pay compensation but the consumers who have to pay extra for the cost of the compensation and administering the claims.