Nobody is saying that it has no value. The issue is that it has a finite value and the consumer should have the ability to choose how much they value it in a given context, instead of Visa prohibiting merchants from pricing the cost of that system into the customer's decision to use it.

If the total cost of processing fees and chargeback fraud in some industry is 10% and you want to pay the extra 10%, that's fine -- as long as people who don't think it's worth that much have the option to opt out of the insurance and pocket the 10%.