Until the end of 2018, if an item does not arrive by the date guaranteed, eBay will compensate the buyer. They do this by either:
Refunding the shipping cost (if shipping was not free)
Giving the buyer a money-off voucher against a future eBay purchase
Sending a free returns label (if the seller accepts returns)
As long as sellers meet their handling time, eBay will also remove any negative or neutral feedback regarding late delivery.
eBay also protect sellers, and compensates buyers, in the event of adverse weather conditions affecting delivery.
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The most important point here is that eBay compensates the buyer, not the seller.