Yes, actually it's true. I work in international trade and right there already no recourse in case of need for formal conflict resolution methods, so we all just operate under the principle of caution and, if you someone fucks you over, perhaps peer pressure mechanisms (denouncing them on public forums and shaming them).
There will always be fucking over. What matters is how many entities that matter find out and choose their futures and perhaps retaliations based on that knowledge. When fucking someone over more reliably leads to fucking oneself over on a relevant time frame, then the incentive to play nice is stabilised. It's a game theory thing. Mutualism is a naturally occurring phenomenon stabilised by shared interests in prosperity
Reputation, the threat of being denied future dealings, and multi-sig or some other form of bitcoin insurance contract should make it easier to deal with (or avoid) untrustworthy people.