If you have some algorithm A that turns an input bitstring N into an output bitstring M in K steps going through states S(0) ... S(K), then:
1. None of the states can repeat or you have an infinite loop.
2. For some step 0 < K0 < K, (A, N, K0) uniquely determines both S(K0-1) and S(K0+1): Run A on input N for K0+1 steps and record { S(K0-1), S(K0), S(K0+1) }.
3. So all computations are reversible given (A, N, K).
Maybe physics wants something like "local reversibility"(a reverse-step must execute within fixed time), whereas CS works with "mathematical reversibility"(is it a computable one-to-one function?).
The construction above doesn't execute within fixed time, but I don't think that's the correct fix: There are lots of dumb things I can do in constant-time.
So why does Physics not allow me to write off all my electricity expenses, as long as I keep the data on backup tapes in a closet in case I get audited for reversibility?