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.