I don't see it that way. Most of my travel (and what I assume is true for the majority) is that they are traveling to a location because of an event, be it work or personal. If I am delayed a day, then there is no longer any reason to travel, because I've missed the meeting or event. Every time this has occurred it is quite problematic.

Conversely, with a hotel, if they overbooked and I cannot stay there, there are usually quite a few locations nearby where I can get a room for a night. I've had this happen a few times and it's never been more than a minor inconvenience.