If share prices fall by 5% as a result of the dividend, then they could have sold 5% of their shares for cash and been equally well off. It's all a wash.
In reality, shares never fall as far, 'cause most investors are too stupid to understand the underlying value of a company.
Except for capital gains taxes and selling your nest egg. But you're right, it would be close to the same thing.
Of course selling part of your stock when it has taken such a big drop doesn't help your long term retirement prospects either.