Who is the primary owners in a power company matter very little. In many countries, especially in EU, the government tend to be the majority owners in power companies operating nuclear power plants. It doesn't change the risk factors.
Also I would never blame victims of flooding or wildfires. People who choose to live downstream of a hydro power dam, or chooses to live in areas with high risk of wild fires, has just as much power as people who choose to live next to a nuclear power station. If operators of dangerous and critical infrastructure do a bad job then the blame tree start with the owners and trickles down to each leaf.
People have been making dams for quite literally thousands of years before we discovered AC electricity. They are useful structures to ensure water security and reduce damage and deaths from regular flooding. So yes the Marib Dam for example produces electricity and it’s failure would pose a risk, but it’s on the same location people a dam failed all the way back in 575 and there is evidence of earlier dams in that location going back to 1750 BC.
As a California government agency it’s self insured by the state government, which is a very different situation than a private company building a power plant exclusively to generate power.
As to bankruptcy, insurance is normally required. Wildfires are an odd case because unlike nuclear the people who suffer damage are partially responsible for failing to mitigate risks as eventually fires will happen.