I think it misses the fact that kernel anticheats generally do not reduce overall cheating compared to a good user-mode anticheat + good obfuscation and binary protection + strong report system and behavior analysis. If you add a kernel-mode anticheat to that I'd estimate that it helps only around 5% more while being way more invasive and causing widespread issues (as the original blog describes).

source: observation of games implying stronger anti-cheat measures over time and customer count staying exactly the same or growing. league of legends is a prime example, although it did create a crater for awhile. this all comes from people who actively sell cheats.