F2P is a viable alternative to get people to try your product and tempt them to buy in to it.
Converting to F2P may indicate that subs are dropping (they certainly were in TOR), but it does not mean the game is or has been losing money.
Further, conversion to F2P is not free, it's another cost to be sunk in to the final "must make at least this much to cover costs" total. Going with the same method of taking disparate and anecdotal bits of evidence and knitting them together in to some form of narrative, the move to F2P was an effort to get a bigger consumer base because subs were waning and it was obviously worth more to keep the game running albeit on a more unpredictable income stream than it was to just shut it down.
If they were staring down a hundred + million in unrecoverable costs and the game was losing money, they'd shut it down. EA does not seem particularly caring of it's userbase or it's studios, I doubt they'd keep the game live for sentimental reasons...