Earlier quoted context omitted.
That doesn't make sense. Each email is only worth so much to a spammer. They can't lose money on every email and make up for it with volume.
The value to spammers isn't in email delivered, it's the actual user engagement at the end of the process. A million messages delivered to the inbox is worth far more than a billion messages delivered to the spam folder.
The quantity-above-quality model in the spam industry probably lead to low-quality or vague list criteria. Broad demographic groups and domains. A lot of third party data of questionable legitimacy. If you've been running the list a long time, some "email address foo@bar.com clicked on campaigns A and B" data. You might be able to say on a large scale "List A is likely to convert better than B", but it still comes down to spray-and-pray at the individual address level.
If you went to a spammer with a few "sucker lists" of 100k emails each, and told him "you can only send 1k per day", will he have the data to triage his list to get a decent return on it anymore?
This would also snowball over time. Without being able to do high-volume campaigns initially, they'd have a harder time building up the knowledge they can use to manage their lists, and the quality would decline over time.