Agreed. There is no God given right to play intercollegiate sports especially on a full ride. In fact, there is no particular reason why universities have to maintain sports teams at all. It's just tradition in the USA. Take basketball for example. Europe, parts of Asia, and South America produce a very large number of professional basketball players without using this system. Although more professional baseball players attend college than in decades past, major league baseball traditionally has not relied on this system for developing players.
If some sports produce large revenues and the universities are pressured into distributing some of those funds to athletes generating those revenues, I see nothing wrong with cutting unprofitable sports.