The issue I have with analytics, additional to your (imho) valid points is that lots of practical users seem to always measure the wrong endpoints and don't include negative outcomes.

Leads are useless without measuring how many people bounced off your shitty online shop, because they couldn't understand your UI.

Staying time is useless without measuring closed tabs, because your website is unreadable with ads.

The irony behind it is that ad metrics are used to buy/sell a website's worth for ads. Sometimes I feel like it's like a bubble that's invented on purpose to not have a measurable outcome of anything.