IME it is not actually priced in because advertisers, particularly brand advertisers, do not have a good way to link impressions or clicks to conversions, parti

IME it is not actually priced in because advertisers, particularly brand advertisers, do not have a good way to link impressions or clicks to conversions, particularly when they happen offline. And even if you have online conversion metrics, if you only get 1 click per 10k impressions, and only a fraction of those convert, you need to run close to millions of impressions on a given domain before you have any statistically significant idea of whether that domain is going to generate more conversions or not. And that's if you can even figure out what domain your ad runs on in the first place after it's been through enough intermediaries.