I guess that the two factors requirement depends on location, as here I can swipe my card anywhere, and at most I need to do a small squiggle and I'm good.
Also, on the net I'm free to use my card, no squiggle required. I do have to provide PII beyond what's on the card, but nothing that is really secret to anyone but me.
There’s 3DS and other secure schemes to move away from weak card payments such as the one which you described. Merchants are being penalised with fees for accepting non 3DS or Verified by Visa secured cards at the moment.
Also, on the net I'm free to use my card, no squiggle required. I do have to provide PII beyond what's on the card, but nothing that is really secret to anyone but me.