If you are disputing a credit card charge you have to provide certain evidence. If the test is not met the credit card system will not do a chargeback. Whether the merchant doesn't have a rainy day fund, or is not refunding as per regulations etc is of little consequence to the chargeback process. Financial institutions go by rules and if the evidence of non-performance is not adequately provided its a clear case of 'computer says no'.

BTW even in 'normal' times chargeback is rampant in the travel industry. Consumers have different perception of how the performance of the service was done and often initiate chargeback on hotel stays, airline tickets, cruises, tours etc. Travel providers have departments that do nothing else but respond to chargeback requests by credit card issuers.

This website gives a rough overview on how prevalent chargebacks have become: Chargebacks Explained - The Chargeback Company