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The problem is that as far as pricing is concerned, regulating at the interchange level isn't going to have the effect people want. That's what happened with the Durbin Amendment.. it capped regulated debit at 0.05% and 22 cents at the interchange level... but processors can still add whatever fees they want on top of that.

Would Stripe or Paypal ever create their own credit cards?

Stripe already does: https://stripe.com/issuing

Granted, it seems geared towards businesses who want programatic control of the credit cards they own, but still.

That looks like its a Visa card still.

If the graphics on that page are anything to go by, they're issuing Visa cards, not their own independent solution.

When Mastercard and Visa blocked transactions to Wikileaks in 2011, it created the first bitcoin bubble.