Except that it's not "shady practices" that caused it. It's, man buys porn on credit card, wife questions the man about it, man denies it was him, wife has the charge reversed. Then the bank stops wanting to deal with anything related to the adult industry.

What you need is a payment system that can handle transactions where the seller is honest and the buyer is flaky when the existing one is built around the opposite assumption. And if the banks can't provide that (or the existing regulatory environment doesn't allow them to) then it's good when something else fills the gap.