The lack of any room for error

In another thread, I wrote about how it's not funny to see people flunk out horribly. But now, there are two new things that I want to know. This is the second of two new topics concerning failure, bringing in some completely new elements, and this topic deals with the lack of any room for error.

The reason why so many people have lost horribly and failed epically is because there is no room for error; make just one mistake, and your game is terminated instantly, and your winnings will be decimated, if not completely wiped out altogether. The show gives you lifelines in order to prevent you from committing an error, but once you commit an error, that's it; it's all over. Personally, while I like the show, I don't like this one rule, because so many people have been sentenced to viral, humiliating exits from the show after flunking out either very early or very late in the game. I think that there should be at least some room for error. I think that there should be a "Second Chance Save" that bails you out at least once and allows you to try again if you give a wrong answer along the way at any point in the game. Why is there no room for error? Why isn't there a Second Chance Save to prevent people from flunking out?