From the service provider and devops perspective I find reCAPTCHA beautiful. It brings down malicious form fill, form spam, user creation and password brute forcing rates.

Also as a VPN user, I found out that migrating to more expensive, higher grade VPN, solved a lot of my problems.

In the end it is not privacy, not your VPN that matters from the service provider point of view. It matters that your IP address is spewing malicious garbage. I do not want to spend time sorting it out, as I can focus my activities to revenue generating tasks. Harming some cheap VPN users in the process is collateral damage, but I rather take it than build a form with a perfect attack mitigation and 10x cost.

I hope to see some alternative for reCAPTCHA that does not come with such a strong privacy oriented risks. hCAPTCHA https://www.hcaptcha.com/ seems to be interesting, also monetization point of view. But they are not yet well established company and I do not know what other risks their approach would bring.