I have seen this "we can't measure branding but we can measure conversion rates so let's optimize optimize optimize" approach borne out to create some of the worst websites. High converting, surely, but spammy, ugly, constantly trying to jam you into the funnel, full of dark patterns etc. Usually utterly forgettable, but often memorable for how crappy the experience is.

In my experience companies that do this are thinking very short term: how many people can we get through our funnel this month and how much money can we make from them? Yes it's hard to measure 'long term harm', but to assume it doesn't exist because it can't be directly measured makes it easy to shoot yourself in the foot.

To me it is worth aspiring to be respected as a business. Obviously not to the point of letting your business fail because you obsessed over branding while nobody actually bought your product, but as a larger goal. A business that tries to squeeze customers for all it can and achieves grudging acceptance isn't something I aspire to be a part of.