They got me with this a year ago, and I can't wait to cancel my subscription at the end of this month and hopefully never have to be a customer again :)
I am currently dealing with a chargeback team for another company, and the amount of time they’ve dedicated into challenging me likely exceeds the chargeback value itself.
They likely haven't used much time at all. Big companies get thousands of chargebacks, and can gather evidence all automatically in a matter of seconds. It'll all be templated documents anyway.
For the company the value is in keeping their chargeback rate down, not in the money itself. If your chargeback rate gets too high it becomes increasingly difficult and expensive to find a card processor who will work with you.