But in all fairness, I doubt anything they could have said or offered would have changed my mind at that point. It was just a matter of when I cancelled, not if.
If the numbers work such that losing 1% of customers means keeping 3% i.e. the email prompts them to leave/stay respectively, then it's worth sending.
Getting rid of low-value users - in this case those not playing - can have long term benefits of focusing the business on getting more custom instead of getting comfortable on revenue that may disappear at any point.
In a subscription business who can be saved, who will leave regardless and then the tricky group of people who will leave if they get a sales call?
Much like a gym membership, the people who don't use it at all but feel like they should someday (as long as they're not nagged about not using it) are one of the most profitable subscriber segments. Sure, they'll leave eventually, but they're not using your service anyway, and until then it's free money.