Ethereum's whole deal is that there is a central authority that can reverse transactions after hacks

That's why it split from Ethereum Classic, which continued as normal after a big hack years ago, recognizing that Code Is Law in these situations

I assume this is about Bybit, where I have no idea what will happen, but if Ethereum doesn't reverse a major Ethereum hack, it either means they're fine with what happened, or they're scared of having more people find out the difference between ETH and ETC by drawing attention to it