Data can "lie". What is observed is not always reality, simply what we can see of it.
Consider auctions. You never actually "see" the bidder's demand or utility. Yes, there are some ways to structure auctions that in theory show willingness to pay and such (ignoring confounding factors and irrationality), but you don't actually observe anything beyond the bid.
Similarly, on websites, you don't always know the causal reasons people click here or there. You know perhaps enough to predict a step-wise behavior, but don't (usually) understand the full behavioral lifecycle -- especially if a metric improves but at the hidden cost of decrements to conversion and similar.
I'd add a bit of nuance here. They are very good at driving traffic, but very bad at building an audience. You do this long enough and your news site is now optimized for attracting hot-take appreciators who engage with the news like a tabloid. This drives away everyone who doesn't want to be reading a tabloid and makes you more dependent on keeping up with traffic-gaming strategies to continuously drive traffic. You've basically shifted your business from being a place that produces journalism to being a place that figures out ways to game social media trends and SEO.
If do more ad placements increase revenue is the test and then there is 20% jump what are you as an engineer going to do? Tell to management that its bad?