That's only looking at western audiences. In 2020, Tencent said that the cheating market in China is worth $293M annually [1]. In China there are many individual games making billions in annual revenue. PUBG bans over a hundred thousand cheaters every week. I don't think adding up to billions is too farfetched, if you count globally over the decades, although it'd be close.

There are also the costs of the opportunities that cheating prevents from happening. Development would be much faster and more types of games could be made.

[1] https://www.scmp.com/tech/apps-social/article/3099893/chinas...