Don't be so sure about that. I had a Marriott reservation but apparently they overbooked a whole bunch of us and tried to rebook us at Motel 8 without refunding any of our money. Luckily I had booked through Priceline.com and called their support and they rebooked us at the nearest hotel that's comparable to or better than Marriott, which ended up being a five start boutique hotel. I've been pretty loyal to Priceline every since.
The construction issue was pretty valid and shitty of them.
Why they have gotten away with these behaviours for so long is likely due to forced arbitration.
Their business plan is likely to show as much profit as possible, IPO/get on stock market, exit early investors and founders, and leave the mess and risk associated with their unconscionable protocols to the public markets - offloading it to society as what will inevitably be a loss, as they're not going to realize these nuances.
The forced arbitration is going to stop sooner or later, and cities are going to start to crack down heavily - going through the counter appeals of landlords and commercial hosts with many properties.
I believe this is rolled up in hotel pricing, and why Airbnb's are still overall cheaper.
If I showed up to a hotel and they didn't have a room available, they would rebook me at a different hotel. Airbnb just seems to say, "well, that's not our problem".
It makes me wish that there was a tenant bill of rights similar to EU Regulation 261/2004 about canceled flights.