Exactly! I think of this every time this subject comes up and I always come to think of the scene from Something About Mary [1]
[1] https://youtu.be/rnso4nfdM9w
I also think the productivity gain or lack of loss comes from excitement and a feeling of responsibility for having the extra day off. It's mentioned in the article
>“The biggest concern from an employer point of view is ensuring that the full-time introduction of the policy doesn’t lead to complacency, with the risk that people’s productivity will slip back,” Barker said.
“To guard against this happening we’ve spent a lot of time making sure every person in every team has their own plan as to how they’re going to maintain and even improve their productivity.”
I think this makes sense but, as time passes and 4 days becomes the norm the feeling of excitement and responsibility will fall and output will follow. If everyone has a 4 day work week we will probably be as lazy as we are now in our 5 days.