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This is bullshit. Even with multiple refills, the biggest hit to their margins on the soft drinks is the actual cup itself. The syrup is basically free in the quantities they buy it in, and the water is filtered(...hopefully) tap water.
Oh I'm not disagreeing with you that it's a bullshit reason - but I can bet that some penny pincher accountant working at McDonalds proved the company could save $X million (single digit lol) if they did this change. Never forget how a dude working for American Airlines in the 1980's figured out that removing one olive from each salad in first class would save over $40k per year.
You're missing an ingredient, the CO2. There's two main sources for food-grade CO2 in the USA, natural gas refining and mining it from resevoirs. The largest resevoir in the USA (An extinct volcano in Mississippi) was contaminated by a pocket of radioactive gas. And sanctions on Russsia drove the price up in that market.
I like mixing frozen juice concentrate with soda water but its gotten too expensive in the past few years