I am surprised Stripe does not offer this feature to their customers. There is probably a reason why they don’t. What is their feedback?

The truth is, they probably will in the future. Recurly is one of the leading subscription billing platforms global/enterprise businesses offering more advanced workflows that businesses cannot get from Stripe billing: orchestration, backup payment methods, etc.

https://docs.recurly.com/recurly-subscriptions/docs/backup-p...

Stripe offer a basic payment recovery, it's up to the merchants to offer more advanced way for their customers to pay. You can check out our Stripe app