Denuvo is an interesting one, as it’s both very hated, but also rather effective - in the last four years, only around 25 Denuvo games out of a hundred have been cracked. So with that, pirates can’t even rely on waiting as something you want to play might get cracked next week, or it might take years or simply never get cracked - poor Tourist Bus Simulator, nobody loves you.
So it turns in to a fairly simple math problem, though one with both variables being unknown (to me at least) - how many people who would buy the game don’t because it has Denuvo, vs how many people that would pirate the game buy it instead when they can’t.