How many times have you bought a theme that would look perfect for your next project only to discover it’s not the right fit?

This is an issue of poor documentation, poor demo content, and/or possibly poor content planning on the part of the purchaser. In principle I could see how either policy (refund or no refund) would make sense, but I tend to lean the way of ensuring that refunds are mitigated by removing the reasons they occur in the first place. "Wasn't a good fit" isn't a terribly strong refund reason if everything around the product makes it very clear where it shines and where it doesn't.