I assume fraud is minimal enough that the profit of convenience outweighs it.
The EU+UK and Visa/MasterCard have different policies for these. Low-value [1] contactless purchases only occasionally require a PIN, higher-value in-person purchases always do, and online ones require the 2FA system linked above.
[1] https://en.wikipedia.org/wiki/Contactless_payment#CVM_limit
I've bought things for 700-800$ that don't require any checks.
Online: SCA used to be wonky but today I pick up my phone and touch the fingerprint sensor, done.
It's hardly inconvenient, and we enjoy significantly lower transaction fees.
I was in salt lake city where it was trialed at Jamba Juices and other fast food merchants.
I remember going to the US in 2015 and 2016 and while Apple/Samsung Pay had started to gain traction, the idea of tapping my card to pay was still science-fiction.