I don’t know what you mean by “business boy hat” - could this be a typo?
When it comes to tumblr, I quite frankly don't give 2 shits about their advertisers. Why should I? Maybe the site will be shut down someday? You'd think that ship would've sailed.
Those metrics are literally the bread and butter of social networks.
The users that remain on tumblr seem pretty happy about the effects of the nsfw ban. The people that left due to it weren't the good ones for the most part.
Whether or not you like it now that porn is gone doesn't matter.
Why do I need to align my values of good and bad with market forces? You literally cannot make an argument that your "objective" value system about business is the only True one.
I'd bet tumblr will continue to exist and I'd get to enjoy it for free (modulo ads) for at least another half decade if not more. And I bet throughout that time the company won't do much to monetize their users beyond what they already do. The userbase has long since proven it doesn't give tumblr money beyond a stray click. But it'll continue to plug along - "failing" the whole way.
maybe if you have your business boy hat on for some reason it isn't doing fine?