I worked at a CompUSA when I was in college, and I cannot disagree with you more. The specifications or other information available at retail just doesn't convey enough information to the customer in many cases.
People seem fickle sometimes, but why should they have to drop lots of money to take home a product that doesnt work for them? Example: back in the 90's, Packard Bell shipped a monitor with this massive bezel which didn't fit in most "computer furniture" of the era. No measurements were on the box. Result? 20% return rate. Packard Bell "fixed" this problem by offering a rebate that required you to remove stickers necessary for return.
The average US household makes less that $50k/year. Gadgets aren't cheap -- return policies give consumers the confidence to take a risk on a new product.