If they are going to have to shut down all these sites the second the market slows down (or indeed as soon as the obligations are due), perhaps one might argue it was imprudent to open them to begin with.
Any marketing benefit gained by being "everywhere" is surely undone when they have to publicly shutter a large portion of their locations.
As long as a sophisticated large corporate sees a net benefit of being in a wework they will stay.
As an analogy, everyone knows running servers on AWS is more expensive per unit of compute than running your own hardware, however, there is a genuine value for a company to hand off the running of an office space (and the capital investment on buildout) to a third party in exchange for predictable monthly opex.
If they wanted to, they could slow down on new purchases/rentals/construction and likely become profitable without too much trouble. But that would of course be at the expense of growth.
Not saying they're a great company or that they deserve a crazy high valuation, but suggesting that they're unprofitable because they have a bad business model is missing the whole picture.