Given the push to monetize user data it seems Microsoft is demphasizing their focus on key piracy. I bought a computer with a 55" touch screen. The company selling it said it was a Windows 11 computer. The computer was a 14 year old Intel CPU/Mobo that was never designed to run Windows 11. The company selling it had hacked Windows to run on this old computer. They didn't have a license key. I report it to Microsoft and crickets. The company ghosted me on the issue. In 2003, with XP in it's prime, they were cracking down hard on piracy... now it's part of the business model...

Absolutely. I would also think that the amount of money "lost" on license keys specifically on the "regular consumer" side pales in comparison to the data that they get once you're on their operating system. How many non-power users bother with disabling telemetry and other data that MS collects through their operating system? How many people bother configuring a Local Account? All of that is probably worth way more than a ~$200 license key.

On the business side, businesses make it a focus to be in compliance with licensing agreements so they still see whatever oodles of money from companies that have fleets of computers that run Windows.