Some higher-end restaurants do take a deposit when you make a reservation but it's not common. I find it interesting that there's so much variation among different types of services (hotels, rental cards, hotels, restaurants, theater) with respect to cancelation or no show policies. It doesn't obviously always track to the cost.
Other industries in the hospitality world have their own ways around this. Most hotels have 24-hour cancellation policies and airlines have dynamic pricing. This is a new one for the (fine) dining industry, and one that will likely spawn different models for different types of restaurants.