The only risk would be the reputational damage. And as far as their bottom line is concerned, the impact of that would be negligible—how many of WhatsApp’s billion(?) users know that it’s supposed to be E2EE, let alone are under the illusion that Meta doesn’t have access to their data?
So e.g. opening a link to an Amazon product that a friend sent makes you a target for ads in that category.
It's a suspicion, they'd probably argue their EULA allows this. The typical "we have to monitor links for dangerous content" is always the standard bullshit.