A site doesn't need to be selling something (ads) to implement good SEO
What is the reasoning behind only an itemid in the URL for HN?
Like someone previously mentioned, easier to code, less thought required around site architecture and optimization
Is there an SEO impact?
Yes, from a basic standpoint, descriptive URLs are easier to crawl, index, and rank accordingly. They help readers find info better when searching for questions + answers
From a more highlevel standpoint, descriptive URLs and an optimized site structure helps in many ways including SEO, analytics, accessibility, and more. Reddit does it well