I own a condo in OIB on the NC coast and rent it out through VRBO. While I'm not familiar with AirBnB's policies, what you've heard about VRBO is not the complete story and a bit out of context. VRBO's business model is essentially a marketing platform, connecting renters with property owners. VRBO takes a commission and the cost of rent is transferred from renter to property owner within days of the renter paying.
In response to COVID-19, VRBO committed to refunding 100% of their fees and commissions to the renter, regardless of the lead time to rental date. They also strongly encouraged property owners to refund 100% or offer a credit for cancellations. If a property owner refunded 100%, the property would receive preferential search results. So, in a sense, VRBO is punishing those that do not offer full refunds.
Personally, I reached out to all my booked renters and assured them I am offering a full refund if they need to cancel, even if it's on the day of the rental.