Imagine this: the year is 2020 and an previously unknown virus means your daughter is laid off and she joins the 20 million other people on unemployment. She suddenly can't make her mortgage payments and she's worried that she and your grand-daughter will lose their house. But you had "won the game". You set up a TIPS ladder that covered the "money you really need". What do you do? Tell your daughter that you don't care about her life and helping out your family messes up your carefully constructed "liability-matching portfolio"?
Of course not.
Thinking you know how much you need for the next three decades is a prime example of the end of history illusion. Retirement planning shouldn't be built on illusions.
I believe this to be the main point. The level of uncertainty in one's anticipated income needs in the future is very high. You may think you've won the game when it turns out in fullness of time that you need a lot more money than anticipated rather suddenly. In that case you have not won the game and due to a long spell of TIPS ladder negative real portfolio return you may find yourself in a deep financial hole. The only thing that offers at least the illusion of having won the game is a TIPS ladder. Nominal bonds get killed in inflation. Future expenses are real, not nominal. Unlike nominal bonds, equity exposure offers some long term inflation protection. Long term TIPS currently have negative real yields and a long term TIPS ladder gradually and predictably loses its real value over time. As time passes your asset base declines more and more. This is one reason why IMO it may be unwise to completely quit playing the game. It is also the reason why you don't want all your nominal bonds in long duration. When you need substantial money unexpectedly in the future it's important to have a relatively stable bond principal value if you must sell bonds.