Oyster will invalidate this card (until I pay off the balance), its balance is now hugely negative, but obviously I'm not going to pay off that balance, so I effectively got (most of) a free journey.
At London scale this feels pretty OK. In London a typical Oyster journey is cheaper than a pint of beer, if somebody "owes" you a pint of beer and then you never see them again you probably aren't bent out of shape about that. But Nationally it's a much greater cost. What if I travel from St Ives to Wick? That's going to be pretty expensive, but somehow we need to accept that I entered at St Ives (maybe for a local journey?) and yet might get out at Wick (the far end of the country) and if I don't have the money for this long journey all of that risk burden lands on... the fare operator? The government? The credit card company? Nobody wants that burden.