As far as I know, the refund policy never changed.
I don't remember the exact amount of time/dates, but the original deposit (made years ago) was fully refundable up to a certain date. After that date elapsed, refunds would no longer be available until that spot was sold. As Frolic said, originally there was a list of people waiting to get in, so even after that date, refunds were still not much of an issue.
As more time has elapsed, with little signs of this pin shipping any time soon (especially with MG nowhere to be found), combined with all the other new offerings coming out (including TBL etc), fewer people are on the wait list (if any) and people find themselves having to sell their spot in line themselves, usually without success.
If JPop was able to come through with an amazing "TBL effect rug reveal" with a fully working protype of MG, you'd probably have more people willing to take a chance on RAZA and buy a few of the spots from people who want refunds.
At some point, though, this is going to come to a head, and if more meaningful information isn't forthcoming in terms of when RAZA will be shipping, you will have more people getting to the point of *demanding* a refund (vs. "requesting" a refund) and that's where things could really start to go bad.
Frankly I think a lot is riding on MG and it's big "reveal" (some photos sent only to MG owners does not constitute a "TBL effect" reveal).