Yeah, I don't think this is accurate. Drafting is the format that exists so people can have a zero-prep, fixed-buy-in mode of play; you don't have draft and you lose a huge amount of stickiness as people who don't have a deck ready or aren't willing to drop hundreds immediately on a new set release don't have a good way to participate.
This is where we'll disagree: many of the players in my area (at different LGS) have stated that they feel draft is just too much money investment to get into; that the entry fee is too much for cards they'll likely not care about after using. It may be a southern thing, that Magic players are too strapped for cash.