Some of these teams lose many games (looking at you Bates, Bowdoin, Colby), suggesting there may be something to this statement.
Football is also expensive and typically represents a significant proportion of athletic department budgets…facilities, coaching, recruiting…all cost a lot of $$. Here’s an interesting article on Bowdoin’s program https://bowdoinorient.com/2018/10/26/money-cant-fix-everything-even-bowdoin-football/
It has also become extremely expensive to insure football, with only a few insurers left that service the college market…only one workers’ comp insurer left for the NFL… https://abcnews.go.com/Sports/nfl-football-threat-evaporating-insurance-market/story?id=60446104
I do think over the next 10-20 years we will see many schools drop football, like Earlham and Arizona community colleges.