Public criticism does not change things only via boycott. I agree with you about boycotts and their at-best questionable usefulness. The more meaningful aspect

Public criticism does not change things only via boycott. I agree with you about boycotts and their at-best questionable usefulness. The more meaningful aspects are the fact it creates a negative reputation, and that reputation impacts all interactions with the company. A bad reputation adds an additional cost to interacting with you (be it customers, workers, or business partners), and that needs to be constantly paid for somehow. Additionally, there's some level of 'acceptableness' for the individuals of a company to do unethical things, which also plays a role. You addressed this in your 99% hypothetical, which I would agree with if it was done in a vacuum. However it's not. In practice if 1% of businesses were behaving in some way the rest refused on ethical grounds, lawmakers would be be falling over themselves to address it. Obviously such an example is unlikely to appear, but I hope you get my point. Moving the needle on acceptable behavior also moves the needle on what acceptable regulations of behavior. I also largely agree on many of these factors being a dynamic balance. It's just that public criticism is already a factor in the current balance. Some level of criticism is required to maintain it, lest we move towards a balance that sees even more bad behavior.