Very much this. There is no other payment mechanism in existence (correct me if there is) where strong consumer protection is enshrined into the regulation.
With credit cards I can have zero worry about fraud charges because I'm not going to lose any money over it and that's guaranteed by regulation, not by the goodwill of the bank (which could change any moment, the regulation won't).
Also with credit cards I have no worry about unscrupulous vendors because I can always do a charge back if they don't deliver and I get my money back.
I also fear no future payment mechanisms will ever have these kinds of protections, because these regulations come from a different era when the US was still willing to impose consumer protection regulations. That political climate isn't here now.
Yes the cut is much smaller and doesn't all go to visa/mastercard (card brand). The card processor, acquirer, and in most cases a gateway also gets a cut.
And I don't see how censorship resistant becomes a thing. If the government wants to block my participation on the system, then I'm sure it will find a way. If the government can't block participation, then it can take the whole thing down.
Also, pretty sure their cut is more like 1% after you take into account the 2% cashback.