Sorry you had that bad experience (I would be pissed too), but the logic of (you having a singular bad experience therefore company will likely die) is next to baseless.
No. The point is that there is zero protection for customers getting cancelled by the host at last minutes. This would be about the worst thing that can happen on your hard earned vacation, especially if you are traveling with families. Customers can't even leave a review! All the while there is asymmetry that customers will be punished if they cancelled at last moment on host.
The reason I don't believe in Airbnb simply because they lean toward the hosts, but offering no protection for the renters. In some cases, they have policy only applies to renters, but not at the hosts.
Last I checked, the host cancelled on my reservation is still listing and hosting. I believe they can do better. Even Uber lets both driver and rider rate each other.