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I do not know who owns those particular businesses, but for many travel, and other businesses the harsh reality would be that if they refund 100% that they will go out of business, which also means in turn that they will not be able to refund everyone.
I mostly agree with you, but the point I was making was that the theory behind keeping half the money if I cancel late is that they will have to pay pre booked hotels. That's fine. But I suspect their market power, especially in the out of the way places I book for, means that they will cancel those rooms without penalty.
I hear what you are saying about business sustainability, and it's a good point, but I'm not here to finance their cash flow. Having seen my super take a hit, I need to look after my own cash flow!