I agree with you, it would probably be hard/impossible to get any money back, as those stuck bought the miles, not a specific flight. I posed the chargeback as a hypothetical.

I didn't buy in... just want to start a discussion for those who might [as of this writing] find themselves out $500+, stuck with iceland air miles and without any way to get to Hawaii.

Ironic; some people trying to escape the cold for Hawaii might end up in Iceland...