Set up a password policy that has a maximum failed login attempts and a reset after a certain period of time
I’m assuming that you’re aware that pwpolicy doesn’t affect Admin accounts (tho it may show you otherwise, leading to believe that it does). 

I also asume that you’re running the commands as sudo or at least have tried.

Other than that, I haven’t tried that value myself. As a side (and curious) note the minutesUntilFailedLoginReset is not in the manpage for pwpolicy. 

man pwpolicy