As you say, it is orthogonal. Why not have both? You pay for the fraud with higher fees compared to a system where fraud is prevented by additional security.
Most phones require you to use some form of passcode (6 digits, TouchId, FaceId) which are effectively pins prior to using a payment method. Additionally, there are secure chips in your devices to do the actual processing. This means that digital purchases through eWallet methods are effectively chip + pin while still getting credit card fraud protections.