To be fair, they haven't been free-riding. Credit cards force prices up by about 3% for a reason, and checking accounts don't give you market yields for a reason.
But yes, for me personally, I much prefer deterministically losing 3% to risking 100% (and incentivizing physical attacks).
This might actually be the first time for people to learn these lessons. They've been free-riding on the protections that banking regulations provide for all of their lives.