I've found in practice that shrinking to get the "smallest amount of detail" is often unhelpful.
Suppose I have a function which takes four string parameters, and I have a bug which means it crashes if the third is empty.
I'd rather see this in the failure report:
("ldiuhuh!skdfh", "nd#lkgjdflkgdfg", "", "dc9ofugdl ifugidlugfoidufog")
than this:
("", "", "", "")