Reported view counts are also important for sponsorships as sponsored video payouts are often tied to hitting specific view counts, and even getting sponsorships and their rates are also typically conditional on view counts. So yes, even though it doesn’t directly impact ad revenue it still directly impacts total channel revenue for anyone that accepts sponsorships.

All that said, Google caused this entire mess by bundling their view counting in with their telemetry. If they just reported the raw download stats for the streams instead of trying to determine every last detail of who is watching the video (for all that juicy advertising data) this problem wouldn’t have happened in the first place.