It's too low. You have something wrong either at the power board or with anything else that might use the 12V system. It should likely be somewhere around 15V as it's unregulated).
The power boards for Capcom have the same issue that WMS driver boards do, the solder joints can fail and need to have trace mods done to eliminate the problems. I have had issues with the lamp matrix since one side draws far more current than the other.
Unplug J15 from the power board (this powers the playfield) and see if the game boots. If it does, measure the voltage at pin 11 on J15 and see what the voltage is. If it still reads 10V, then the problem isn't on the playfield.
Unplug J18 from the power board (this powers the cabinet). Test voltage at pin 7 on J18 for 12V as above.
Finally unplug J16 from the power board (this powers the backbox). Test voltage at pin 11 on J16 for 12V as above.
If you still don't see an increase in the 12V when unplugging any one of the three, unplug ALL three and test for 12V at any one of the pins above. If you finally get a proper voltage, it may be that you have to replace C11. If the trace is bad to C11, the 12V line may not be a true flat DC, but may be full-wave rectified, which means most DMMs will not read it accurately (it will read lower than expected).
Hope some of that helps!
Tony