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It is the digital equivalent of cash. That is the whole point. When you buy something with cash, can you just reverse the transaction later? The good reason is what use is a person to person payment system where the person receiving money has no guaranty that they get to keep the money received.

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How is it person to person if there's a 3rd party facilitating the transaction? Why should someone be guaranteed to keep the money if they got it fraudulently, with the victim unable to dispute?

This is not different from sending physical goods via mail: a 3d party is involved but you will be laughed out of the post office when you demand to return items you sent. And there is no guarantee too: authorities may retrieve your items, though chances are even lower when you send them overseas.

Even when you pay by check or ACH, it's not always reversible. It depends on the bank and where it was sent and how long ago.

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