They absolutely don't have the power to excuse debt. Just because a company can't charge your credit card, doesn't mean you don't still owe them money on paper.
I really don't want unelected corporations with no accountability to anything other than profit margins to be policing payments, subscriptions, business behaviour, or anything else.
These companies provide an utility that is essential for participation in the economy. There needs to be some due process if you want to exclude people or corporations from that.
No consumer business can operate without access to those card networks.