Minification is especially not sufficient for obfuscation in a world with pretty printers embedded into every Dev Tools in every browser.
Minification is just about reducing the size of the output. Any business that truly cares about the safety of their IP should look into "proper" obfuscators.
(Personally, I don't think obfuscators are generally worth the build time and their output worth the extra bandwidth either, but yes there I understand that security theater generally beats performance concerns.)
And it obstructs people who are going out of their way to improve their usage of your site. It's a pity we only see the risk in that, that the miserly antagonistic corporate dominion attitude rules, that is afraid, that quakes at users doing things not on the l blessed path.
This attitude you've very well spoken for bespeaks a great rot & sadness in the world, one that developers should actively try to work against as much as they can.