Since they now have to automatically offer a cash refund, any alternative voucher offered will have to be substantially higher value to the customer to get any takers.

Sure, it's possible some grandma who almost never flies anywhere may still get confused but this new rule is still going to put even that kind of person in a far better position.

Grandmas can be quite young, how dare you.

"We can issue you a refund for the cash value, but the system takes 3 years to pay out. You can have a voucher right now though."

"The refunds must be issued within seven days", so (while I wouldn't put it past them to try) telling passengers something so manifestly untrue would be grounds for a lawsuit, which should make them stop.