It has everything to do with it - again, VSL are not a government agency where you need strict rules to keep them in line. They are a private company. As soon as you write something like this down there are plenty of people out there who will fight to take advantage of it and exploit it, thereby undoing it's original purpose: keeping it fair for everyone. By keeping it discretionary it means that Vienna can exercise fair judgement, no doubt on the side of benefitting the customer as I've always found they have.
I do agree that they should say on the product information that if the key is lost, the licenses are lost and that is THAT. They may even be able to add that "in some specific cases we exercise discretion at replacing these licenses for a small fee however that is the exception to the rule" and they can not say anymore.
Re your last paragraph, again you are expecting perfection and a final solution in an imperfect world. What you aren't recognising is that one way or the other, it is going to result in inconvenience for some. In the case of your suggestion: if the internet was down, if the power was down in a region other than where you are, and you couldn't access it, a failure in the system, whatever. You are cut off from your license, and can't launch the software. Maybe you are right on a deadline. You will curse the system again and say "why can't I just have a system where my license is on the key!?" There is NO solution where EVERYONE will be happy even to any worthwhile majority. That's life.
I believe the system is place is the best for everyone given the fact the world is not perfect. There is also another angle to this which I think DG mentioned, is that there is one of personal responsibility - taking care of the key so that it doesn't get lost / stolen etc. insuring it, and so on. I have a keyboard and speakers right? If somebody steals that, I don't say "Oh replace my stuff please it was stolen". It's gone! That's the license, it is an intellectual thing stored on a physical item, so it's ultimately a physical item. I don't like it, you don't like it, nobody likes it, we don't like theives, economic equality whatever. The world is not perfect. I could be wrong, but I don't believe the system that is there now can be bettered without inconveniencing others for the benefit of a few.
I agree with you they should spell out the dangers more when people buy the software, and the fee for replacing an out of warrantee or broken key should be minimal if it isn't already.