That would be true only if timecards didn't exist, which allow you to maintain a subscription but can't be used to pay for account services. It's possible for someone to be in a situation where they can remain subbed to the game, but have no access to these optional services.

I also did not state that retainer inventories vanish, I said you would lose access to them. In some ways that's actually more cruel, since you know your data is sitting right there, just inaccessible to you because of some ridiculous bureaucracy.