But maybe there is a little bit of value there, even if not a ton. So one can maybe imagine a Google or a Facebook signing a deal with a couple of publishers per country. It's just that the marginal utility of additional publications will go down very quickly. Most publications will a) not get paid for the links, since they're not linked to b) not get any traffic, and lose a large chunk of their ad revenue as well.
It absolutely boggles the mind that anyone would think this is a good idea. Unless they're a top 2 media conglomerate of an European country, and would like for all their weaker competitors to be killed off.