It definitely can be. I haven’t dealt with payment processors in this way, but I’ve had (spurious) DCMA takedowns that required my service providers to act immediately, or else they’d get sued. They did notify me, but gave me about 2h to figure something else out.
A payment processor is in full control of payments across your entire site (unless you have multiple, I guess). They can pull the rug with no notice if they want. Doesn’t seem nice, but nice isn’t part of the business model.
Pretty sure it was so publishers (printing press owners) could have a guaranteed profit. Those two things (publisher and artist profits) were correlated at the time. Not so much anymore. Streaming/subscription mentality is like planned obsolescence for IP.