I was a teenager in the 90s and there was a whole pirate video game ring going around our school that worked this way! Someone would buy a game, and everyone would bring in their blank floppies and it would get distributed around the computer lab. Also a separate ring of banned VHS movies taped off Swedish TV for some reason.
It’s harder to measure of course, but I wonder how that compares to the amount of sales they lose from people who just don’t bother buying the game when they find out it has Denuvo? I know I recently lost all interest in two games (Civ VII and Kingdom Come: Deliverance II) when I found out they were launching with Denuvo and I assume I’m not the only person who does that.