I definitely don't agree with HOW Airbnb went about handling covid-19 cancellations under the extenuating circumstances clause.... the communication and execution was sloppy, inconsistent and completely irresponsible.
Still, I am of the minority that the basic decision to allow full refunds/no penalty cancellations under the covid-19 EC was the right move. When 80~90% of flights around the world are being cancelled, people are being told to refrain from any nonessential travel and stay home, some countries are no longer issuing visas and a mandatory 2-wk quarantine is necessary for anyone coming off an international flight regardless of what country they are coming from..... and like @Anonymous points out, when the country/region/city the host and their listing is located is under lock down, it's not just the traveler that cannot travel, the host is just as unable to host - which is a fact many hosts seem to conveniently ignore.
And IMHO, credit with 1-yr validity will be useless to a lot of people. Like it or not, covid-19 isn't going away anytime soon, and a lot of people won't be in a position immediately re-book/re-schedule travel plans as soon as WHO *officially* announces that the covid-19 pandemic is over (which no one has a clue when it will be).
All things considered, I think eventually, I'll start hosting again after all this is over, but I don't think I'll be using Airbnb/Homeaway or any other home-sharing platform to book future trips or vacations as a guest user. The way cancellations were handled by the platforms and how many hosts reacted to cancellations was a real eye-opener.