I'm a former game dev and I used ImGui a lot and don't think it's used because those reasons.

It's used for quickly hacked debug tools to interleave UI and regular logic and not do a logic/view separation (as it would result in code bloat and a necessity for a refactor). You want UI code do some logic (like modifying properties of some game entity or renderer) and prefer to inline it. Lots of game code is effectively YOLO without even a single test. It's also typically guarded by IfDefs and compiled out of release versions.

But as soon as it stops being just hacky debuggers and people try to write proper tools in it, it becomes much more of a pain - people try to (poorly) emulate a retained mode in it, hold state, cache - and it becomes unreadable mess.