So what happens is that the savvy media teams figure out what works through meticulous trial and error, and constantly monitor Googles weird changes to the levers you are given to operate the "console."
Obviously it all depends*. But I just wanted to chime in that it's not all totally useless, and "nobody clicks on ads". Us (tech-adjacent people), are less likely to be prone to it, but still get swindled through other sort of ads as well. It works more effectively for people not in our group. And keep in mind, we're in extreme tiny minority.
Perverse incentives will only change when regulators are made to care.
ROI tracking is a whole subspecialty of adtech if you want to parse out one medium or campaign's spend from all the other spend have running -- imagine you spend $10m / month on media, you have ROI and you have spend across platforms and nobody except you is incentivized to figure out what ad spend should be credited for which response. That's real ROI tracking and it is quite hard
Or would they benefit by seeming like a fantastic place to wine, dine, splurge on things you can spend money on, and also make a few wagers on fun betting games while you are at it ?
The advertising market is a place that used to be dominated by the big advertisers meeting with the big networks (upfronts), but now is dominated by large platforms that only marginally care about the biggest users because the tail is so long