Speaking as both a basketball and volleyball official, I can say that volleyball rules, at least in NFHS, are reviewed and changed periodically.
I don't know the origin or the rationale behind the replay rule, but for volleyball, it works. In HS volleyball, only the team serving can score points, so your point about fairness is thought provoking.
However, in just about every other rule set for
VB (NCAA, USA, etc..) rally scoring is the norm and either team can score points on each serve. HS volleyball will probably follow suit soon. The replay rule in that case does not have as great an impact on the game.
From my experience in both sports, I beleive it is far more likely to use the alternating possesion in a basketball game than it is to use a replay in a volleyball match.