Back to the point at hand, I don’t like recaptcha in principle. But given my view from both sides of the table, it’s one of very few things that consistently works for sophisticated adversaries. It’s about as close to a silver bullet as they come, with the additional upside that it’s the absolute easiest thing to implement - in both an absolute sense and relative to the return. And once you have, most of what you can implement beyond recaptcha has diminishing returns in comparison.
All of that being said, I would be inclined to agree that most websites and apps don’t need recaptcha, simply because most of them aren’t worthwhile targets for the types of attacks recaptcha is singularly effective against.
The more successful quant funds will often build out internal research teams to do this. For example, both Two Sigma and Millennium have (not so well advertised) research teams devoted to this kind of data collection internally.