That is true however how do we think it works if you loose your credit card ? You would call and cancel. This would be the case most of the time as none is going to trust website to cancel the card. You would need a human intersection here.

IMO you are less likely to loose your phone then credit card. We think of actual physical credit card only when we need to pay with it. 99% of the time it is just sitting in the wallet being all useless. Phone is something we are using every 5 min or more so chances are less that one would loose phone like that. Now if you do loose it, and hopefully it is locked then no one can use your card. However one can just cancel the card by calling it from borrowed phone or something like that.