There are plenty of service limits which you need to request to have lifted. This is a common enough use case that there's an entire console section for requesting increases.
SES has a sandbox mode which you need to explicitly disable.
Metering works perfectly fine for the free tier across a gamut of the most popular products.
Beyond this, the platform captures the necessary information in near enough to realtime to provide an accurate picture of spend.
Yet with all of these capabilities, there is no coherent way to constrain identities or accounts to a certain $ spend on even predictable services.
This has been the case for so long that it must clearly be by design. AWS has the guard rails available but only really wants to use them to stop things that would cause them pain (eg SES, bucket limits).
They totally should and could have the ability to manually _reduce_ service limits.
They totally should and could direct users to a way to restrict regions and services users can use without needing to set things up through IAM.
They could and should have service specific guardrails where they make sense - eg for ec2 provide a sandbox where they limit eg instance types, base hourly spend, use of cpu credits. If they wanted to get crazy they could provide per-service actions to take when thresholds are exceeded (though this might be a bit niche).
They could have a _simple_ billing alarm interface (and enable it by default during provisioning) and they could eat the cost of sending smses or emails when those thresholds are met.
Yet they choose to do none of those things, even when they provide defaults for convenience (eg encryption keys)
While my org has a somewhat nuanced understanding of aws and can set things up to provide this certainty both on our/our clients' environments and to our developers, I have a team of people whose literal job it is to do stuff with AWS, we have had training, certs and other access that beginners do not and cannot have.
IMO it doesnt need to be a tap that people can turn off at $500 a month or whatever, it just needs to be a bit more of a "if you select these default options on these basic services, there's no way that you'll acrue 10k in charges overnight"