Now, flipping through one of the texts I have checked out yields something interesting:
As a reminder, a Cartesian Closed Category is one with a terminal object, all binary products, and all exponentials.
Anyways, this text mentions the possibility of a "reflexive" object, having the property that:
V^V < V
Where A < B means there exists a monic A --> B and an epic B --> A that, when composed, yield the identity on A.
If an object is reflexive, then we also have VxV < V, as well as t < V. (So, all powers of V are < V)
It turns out that if V is reflexive, then the set of all A with A < V is a cartesian closed category. (And, clearly, V is the "biggest element" in precisely the sense you want)
Now, I didn't come across any nearby examples of reflexive objects... I suspect it has more to do with logic, propositional calculus, lambda calculus, and related concepts than with set theory. (The applications occur in a chapter called "Formulae, Types, and Objects" -- this is a computer science text)