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They make money by selling information about you.
Not a lot of information to sell from a single GET request when an image is embedded on a third party website or app.
Edit: come to think of it, maybe you’re right, and this is in response to 3rd party cookies being phased out pretty much everywhere.
And when they combine traffic from you with traffic from others they can infer more info.
To comply with GDPR, they’d need consent for that, and you can’t get consent through an
<img />tag, and I was never asked for consent before seeing a giphy in slack, for example.