With even moderate airline status rebooking/cancellations work more or less as described. I can’t recall the last time I haven’t been credited for a flight I ended up not taking, even I did a full on no-show.
Without status airlines sell refundable tickets with similar flexible rules, but I assume there is some adverse selection included in how they need to price those fares.
For hotels, I still tend to pay the premium. I don't expect to cancel but, especially for an extended city stay, it can be a fair amount of money and the premium usually isn't that huge.
Realistically most frequent travelers go for business and they don’t care about cost that much so subscription packs wouldn’t be valuable. That’s why loyalty programs instead offer non monetary perks or those that accrue to the individual (points).
Of course, there are exceptions. Governments seem to be some of the worst violators, they really do not care about costs and in many cases they egregiously throw money around for 5 star luxury hotels, first class flights, etc.