Do credit scores and the costs of borrowing associated with specific scores correlate to the actuarial risk of default or is it just a huge scam to justify usur

Do credit scores and the costs of borrowing associated with specific scores correlate to the actuarial risk of default or is it just a huge scam to justify usury? What is to stop them from charging twice as much for 2% additional risk? "It is not our fault you have less than perfect credit"