This is just credit card stockholm syndrome. Nearly all the risk you mention is because of the insane and greedy design of credit cards.

In most of Europe, people pay with debit cards and the money goes straight off their bank accounts. If there's insufficient funds, there's no purchase. If the network fails, there's no purchase. If your bank goes bust 5ms before your purchase would clear, there's no purchase. I'm no banker and I'm sure there's some risk somewhere, but it's really not very much.