If I have 1 soda per day, it's less than 1% of my salary, and I don't necessarily miss it for monetary reasons, but why would I see it as anything besides you slashing my salary/benefits package by a fraction of a percent? Any time your plan to save money is to slash my pay/benefits without warning or negotiation, it's a good sign that I should start looking for employment elsewhere.
It's also a fiscally poor choice: the time lost to me debating if I should have a soda (5min; since the choice is non-obvious now that it involves a trip) and going to purchase a drink during the work day (10-15min) costs more than just preemptively buying me a can of soda costs by an order of magnitude.
If half of the devs spend 5 minutes a day thinking about drinks now that they're not provided, at a 50 engineer company that's costing 2 hours of developer time a day. Developer time is between $40-100/hr, so you're talking about ~$100/day in lost work because you're not buying 25-50 sodas. Whatever you're saving in soda costs doesn't offset that. (And if they actually leave the office to go get a drink instead, you're tripling that cost.)
I just find it odd that they're so focused on what a benefit costs, they don't analyze what it's providing to the company in value (by, in this case, alleviating a related cost).