It isn't part of the natural universe, but neither is bankruptcy law, so why care overly about it when thinking whether or not to change things?

What is economically viable does depend a bit on physical law, but it also depends a great deal by the legal ecology we humans decide upon collectively.

I'm not going to take a side here, but there would be quite a few philosophers, legal professionals and political scientists who would argue that.

Wikipedia would be a good starting point - https://en.wikipedia.org/wiki/Natural_law