If it is a US-based card, it is a statutory requirement. If the merchant vendor is in any type of formal insolvency proceedings, e.g. bankrupt, the card holder is required to charge back the item.
This is why card issuers increase the holdback for merchant vendors as their financial condition worsens. Banks likely have plenty of cushion to deal with chargebacks arising from this mess.
But, none of this gets you home and, absent a repatriation effort, you are stuck somewhere looking at what is likely a very expensive ticket.