Why was every other group buy organizer able to provide a 100% chip refund?
If I had to
speculate, I would say because steamboat was offering a one stop shop. Meaning, he took his profit from the beginning and spent it on building the infrastructure to assemble miners. Which, implies steamboat is not liquid and probably wasn't able to refund his original fee because he no longer has it.
To me, the deal is fine. His time is worth compensation.