https://en.wikipedia.org/wiki/AT%26T_Mobility_LLC_v._Concepc... (binding arbitration overrides state law)
https://www.nytimes.com/2018/05/21/business/supreme-court-up... (binding arbitration overrides workers' rights)
https://www.washingtonpost.com/business/supreme-court-backs-... (binding aribtration applies even in cases of fraud and deceptive advertising)
Unfortunately they have been successfully tested often in many legal systems.
Actually no you can't (at least if you're in the US), because the Steam user agreement mandates binding arbitration: https://store.steampowered.com/subscriber_agreement/#11, where, for all practical purposes, the consumer always loses.
> Nothing gives me the right to just break my part of the contract and take my money back.
The whole point of chargebacks is that they're supposed to give you that right, if the CC company decides that the vendor wronged you. Valve's behavior here is an unethical and unilateral end-run around this process.
The real problem is that a Steam "purchase" are fundamentally an undefined-term rental. When you "buy" a gsame, you are buying nothing, and then Steam might let you access a game if they wants you to.
Admittedly, I don't know that much about the contracts between CC providers and merchants, but in the big picture of things, CC providers are the giants and Valve is the little guy, so I'm pretty sure Valve doesn't have a lot of leverage in those negotiations. Otherwise, presumably the CC provider would be unable to initiate the chargeback in the first place. The fact that the chargeback itself is successful (Valve's retaliation notwithstanding) is evidence that the contract between CC provider and Valve allows chargebacks.
In this particular case, what this probably means is that CC providers need to include a "no retaliation" clause in their contracts for customers who issue legitimate chargebacks. That's assuming CC providers care, and maybe they don't, but point is they have the power to fix this and if it becomes a problem for their customers presumably they will.
But I don't think any of this solves the broader issue though. In general I don't think you can depend on having a powerful authority like a CC provider side with you like this.
[1] https://www.youtube.com/watch?v=urS8GmwmeWQ
[2] https://motherboard.vice.com/en_us/article/8qwvz5/how-cherry...
The worst part about this is that it often happens when consumers exercise their legitimate rights to e.g. chargebacks. And yes, Steam does it too: if you chargeback a Steam purchase, even a fraudulent one where the CC company sides with you after the investigation, usually this will result in your account getting locked and held hostage until you undo the chargeback and eat the cost.