The way I see it, this is describing the system exactly as much as it needs to make its case that 'banking system is bad and expensive, use our stuff'. Covering security, or the lower fees in Europe (thanks mostly to the security features), goes against the narrative.
An interesting tidbit: An extra reason US fees are so high are premium credit cards choke full of rewards: Not every card has the same fees, and the highest fees come from cards that are handing you extra rewards, that are paid pretty much directly by the merchant. It's just that banks know that the better the rewards the more people will use the credit card, and the easier it is to take the business away from cheaper cards, as nobody charges you more at the register for using a Chase Sapphire Preferred instead of a debit card.
Security features also make US cards extra expensive, as the best you have is Chip and signature, and that doesn't cover online. If we demanded 2FA in every transaction, including online, fraud would go very close to zero, and with it, fees.
With more modest rewards and better security, interchange fees could shrink by over a percentage point: Banks just don't do this because there's little to no competitive pressure.