Personally, I'm completely fed up with online competitive multiplayer for other reasons so it doesn't really affect me. I just don't by the games that would use kernel-level anti-cheat to begin with.
I don't disagree with your general take, but you can't accuse Valve Anti Cheat of being a failure.[0]
The benefits of this sort of income may be high compared to the benefit of being a "serious competitive game".
I think Minecraft servers are instructive, because they're often run just as cynically as free to play games, but with less competence, so it's easier to see what's going on. You do see a lot of pay-to-unban there, for instance.
I wonder if we'll eventually end up at a point where all competitive gaming is run entirely sever side and IO is streamed to cryptographically signed and verified hardware.