This year is a no brainier. 100 dollar statement credit and 300 travel/grocery puts the fee at 150. The effective cash back on dining is currently 4.5 percent when using the statement credit feature. There was also a doordash credit.
IIRC uber eats and rideshare also count for the travel credit, so even doing no traveling this year it wasn't very hard to get that full reimbursment.
A lot of people who normally travel a lot don't do those though.
Until mid 2021 several other things also count for the travel credit such as gas and grocery stores. Chase probably did not want a wave of card cancellations over the $300 credit being mostly useless during the pandemic.