With the implementation of bag and suitcase fees on most airlines there is growing movement for that fee to be reimbursed if the bag gets lost or does not arrive when your flight does. The US government is now wanting to tackle the second most common complaint of airlines of bag fees by insisting that airlines refund passengers be refunded if their bags are lost or delayed.
Recently my son was flying from Salt Lake City to Victoria on a flight with Delta Airlines and Horizon Air. When his bag did not arrive they were quick to give him a voucher for $20 towards a future flight. Slightly less than the $25 bag fee. When he picked up the bag himself the following day, he asked about a refund of his bag fee. We are still waiting for a response but will keep you updated.