Vouchers or tell you that they are not required by law to compensate you, like United told me. (United would have owed me at least five refunds under the new rules)
Before, I think it was a matter where once the airlines had your cash, they were loathe to give it back.
This really needs to be considered on its own merits. And, in my view, it still happens to warrant a refund, when asked, when the delay is significant.
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.
IDK, they both suck.