The owners were secretive and good at compartmentalizing their actions. So, it took a long time to figure out what they were trying to do. Although pure speculation, I would not bet against their complicity in this latest round of fraud.
Later we figured it out: Their revenue model was selling display advertising on their own website. The bot traffic inflated their Comscore/Hitwise/Alexa rankings and as a result they could negotiate significantly higher deals.
When I found out about this and pressed the agency team, I learned it was because they were arbitraging it into inflated reach for justifying their CPMs and then selling the garbage traffic.
This stuff is pretty pervasive and the reason why savvy media buyers bill off their own IAP certified numbers with some quality/viewability vendor in place.
It usually takes some time to see what the actual core values of an organization are.