I don't think that's entirely true. Or at least not in the longer term view of it. YT isn't just some random store that doesn't want to deal with an unruly customer. It's a big tech monopoly platform. Like the other tech giants, their strategy has always hinged on becoming the only game in town. And they predictably use the same tactics monopolies have been using for the past century:

1. Offer the product at such a low price that you take a loss and use your hoard of money to outlast would-be competitors who don't have a massive pot of money to burn. In YT/Google terms this is the fact that it's a free site and up until very recently they've done little to nothing about adblocking users despite being one of the biggest tech companies in the world, knowing it is happening, (It was in their chrome extensions search, plus they don't pay the creators for the no-ad views.) and having the capability to stop it at least for their browser, which a lot of people were already using. Why not go to war with adblockers sooner when their entire business is built on advertising? Because that's the cost they were willing to bear to turn YT into a monopoly. They could take the hit on not getting ad revenue from some users, but some hypothetical competitor certainly couldn't.

2. Make switching hard. A site that's grown as large as YT has massive network effects. For viewers, that's where all the videos are. For creators that's where all the viewers are. For both that's where there is enough of a community that there are lively discussions in comments. Nobody outside nerds like us is going to some external site they've never heard of. If you want to get your stuff out there, you use YT. Then there are things like creator contracts to further discourage switching.

Ad block users aren't valueless to YT, or at least they weren't. They were a portion of those viewers and commenters that contributed to YT becoming THE video social media site. They comment, share videos around, maybe even contribute directly to creators to allow them to keep making YT video. You maybe lose a out on a couple cents from the lost ad views for each one of them, but the value of the network effect gained by keeping them around this long far outweighs that loss.

EDIT: Oh and how could I forget: They get data from you. Sure, they can't directly sell ads for you off that data, but the more data they have in general, the better they are able to make predictions about other similar users, which is valuable.

They're doing this now because they can. They no longer have meaningful competition to kill off. The few that kinda cross into their market are also massive tech platform monopolies that are currently engaged in the exact same thing. They can't expand their customer base anymore, so now they're extracting more money from the captive audience they have.

And it's not just adblock users they're increasing the "price" for. YT has added an insane number of ads to their videos and increased the price of YT Premium. If adblockers died tomorrow, they wouldn't be like "What a relief, now that we've gotten rid of the freeloaders, we can finally lower our prices for everyone since they aren't bearing the burden of the non-payers." They just get to tighten the screws even further because they would have gained an even more dominant position over their users.

In a fairer world, we'd all pay a reasonable amount for the things we use or move on to an alternative if we'd rather not. But we don't live in that world. We live in capitalist hell world where everything is a monopoly and the government is so captured by those corporate interests that they basically never enforce even the meager anti-trust laws we do have.