That's great if you're young, but there does come a time in many people's lives when they like to spend at least 2 of those meals with spouses and kids.
Not only that, but when the company buys meals, the employees often spend that time at work, with their coworkers, talking about work, and maybe even eating at their desks while working. It's not a "free" meal by any means. The company wins out big time when that happens.
Instead of such a "free" meal, I'd rather just get paid more and then pay for my meal myself, by myself or with a friend outside of work, or just take the hour off to run errands or do whatever else I want/need to do.
That's great if you're young, but there does come a time in many people's lives when they like to spend at least 2 of those meals with spouses and kids.