That may be the case for blog sites, but big companies just directly ingest it into their application or internal analytics platform for a dashboard of which sources were the biggest contributors.
For example - a company sends out a newsletter with a link to a blog post goes out to 20k subscribers with UTM params, but those UTM params end up getting 100k clicks, 80k with a referer of "news.ycombinator.com". This means that someone posted it on HN with those UTM params, which indicates that they should continue to prioritize that newsletter, since the audience is likely to cause a snowball effect of traffic and thus growth.
Is that a bad thing? Knowing that traffic came from x source so that they can properly route future resources to the those high-impact sources?
For example - a company sends out a newsletter with a link to a blog post goes out to 20k subscribers with UTM params, but those UTM params end up getting 100k clicks, 80k with a referer of "news.ycombinator.com". This means that someone posted it on HN with those UTM params, which indicates that they should continue to prioritize that newsletter, since the audience is likely to cause a snowball effect of traffic and thus growth.
Is that a bad thing? Knowing that traffic came from x source so that they can properly route future resources to the those high-impact sources?