On the surface, yes. But far too many people counted on the “promise” of the government, either to pay their retirement or to augment their retirement. So just “getting their money back” is a cheat.
Compare it to insurance. Say you take out a life insurance policy for $100k to support your family if you unexpectedly die. Then, after a decade of paying premiums that amount to say $20k, you die. Then the insurance company says they won’t pay the entire $100k they promised, but will give you your premiums back. In effect, your family is cheated out of $80k, but “it’s fair, because you got back the money you paid in.”
So who gets to cover the rest of what they were "promised"??